Hiscox latest insurer to abandon UK - papers 12 Sept

Robert Hiscox, chairman, said the insurer would swap Britain’s 30% corporation tax rate for Bermuda’s 0% rate by the end of the year. He used yesterday’s interim results announcement to criticise the heavy regulation meted out to insurers in the UK, which he said further hampered competition. The paper says Hiscox is the latest to criticise the government for impeding the competitiveness of London insurers and reinsurers. Lord Levene of Portsoken, the Lloyd’s of London chairman, promised last week to use his membership of a high-level Treasury advisory group to lobby the Chancellor fo...