Hiscox heads for Bermuda
FTSE250 insurer leaves for lower tax and lighter regulation
Hiscox is to abandon the UK and move to low tax Bermuda, lashing out at UK
regulation in the process.
The insurer, founded in Britain in 1946 and still run by the Hiscox family,
is to move to the tax haven, where it will pay no corporation tax.
Robert Hiscox, the chairman, was quoted in The Times: ‘They’re throwing
regulation at us the whole time and then you’ve got Brussels putting its oar in
on top of that.’
The move reflects concerns in the insurance community about tax and
regulation. Lloyds of London is currently lobbying the Chancellor on tax issues.