Robert Childs is to retire as chairman and step down from the board of Hiscox Ltd, the Bermudian-based international specialist insurer.

The company said he will step away during 2023.

Mr Childs joined Hiscox in 1986, served as the active underwriter of the Hiscox Lloyd’s Syndicate 33 between 1993 and 2005, and was the group’s chief underwriting officer until February 2013.

He was chairman of the Lloyd’s Market Association from January 2003 until May 2005, is a former chairman of the advisory board of the School of Management of Royal Holloway University of London and chairman of The Bermuda Society.

A great supporter of Bermuda, Mr Childs was the first head of the Hiscox Bermuda office when it redomiciled to Bermuda in 2006.

Mr Childs said: "It has been a privilege to lead the board and be part of Hiscox's journey over the past 37 years.

“Hiscox has a strong management team, and is well positioned to grow and deliver for customers around the world. When the time comes, I will leave knowing that Hiscox is in great shape with huge opportunities ahead of it."

Hiscox said its nomination committee has initiated a process, led by the senior independent director, Colin Keogh, to identify and appoint Mr Childs’s successor as chairman.

Mr Keogh said: "During his tenure, Rob has made an invaluable contribution to the success of the group, and on behalf of the board I would like to sincerely thank him for his wise counsel and leadership."

Aki Hussain, CEO, said: "Rob has been instrumental in building Hiscox into a respected global brand and has navigated the business expertly through many insurance cycles. His extensive knowledge of both Hiscox and the industry has benefited the company immeasurably."