Hiscox’s leader in Bermuda, Jeremy Pinchin, is to return to Britain next year.

After five years heading up the specialist global insurer’s operations on the island, Mr Pinchin is returning to London to continue in his role as Hiscox Group claims director, and as a member of the company’s executive committee.

He will also join the board of Hiscox Special Risks.

Mr Pinchin is relinquishing his roles as chief executive officer of Hiscox Re and ILS, and Hiscox Bermuda.

Both of the Bermuda-based positions will be filled by Michael Krefta, with effect from August 1 next year, subject to regulatory and immigration approval.

Mr Krefta has been Hiscox Re’s chief underwriting officer since 2014. He joined the company 13 years ago as an analyst for Hiscox UK. For the past 11 years he has filled various roles within reinsurance.

Bronek Masojada, Hiscox’s group chief executive officer, said: “Throughout the recent transformation of our reinsurance business, Michael has expertly guided the underwriting integrity that is so attractive to our third party supporters, while instituting a more commercial approach in our underwriting.

“I look forward to working closely with Michael as he leads the business through its next phase of growth.”

Hiscox’s ILS business now has more than $1 billion of assets under management, according to Mr Masojada.

Regarding Mr Pinchin’s return to London, he said: “Jeremy has had a huge influence on the evolution of our Bermudian operation. It is under his leadership that Hiscox Re was not only created but has since successfully navigated a turbulent reinsurance market.

“He also initiated the creation of Kiskadee Investment Managers, our ILS fund manager, and evolved our approach to product innovation, with repeated success.

“In returning to London, I am confident our group claims function will continue to benefit hugely from his leadership. I am delighted that he will also join me on the board of Hiscox Special Risks, which underwrites over half of the world’s specialist corporate protection insurance premium, and has led the development of this market for more than two decades.”