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Directors’ remuneration report continued Remuneration of Non Executive Directors Non Executive Directors receive an annual fee in respect of their Board appointments together with additional compensation for their further duties in relation to Board committees. All amounts are denominated in US Dollars. The structure of the fees paid are detailed below: The fees in relation to Hiscox Ltd for the year were: 42 Directors’ remuneration report Hiscox Ltd Report and Accounts 2009 Hiscox Ltd Total Total Board Committees 2009 2008 $000 $000 $000 $000 DM Healy 83 37 120 115 ER Jansen 83 27 110 12 Dr J King 83 32 115 110 Sir Mervyn Pedelty 83 34 117 130 AS Rosen 83 34 117 113 G Stokholm 83 27 110 12 DA Stuurop 83 27 110 105 Pensions Increase Increase/ in accrued Total Transfer value Transfer value Transfer value (decrease) in pension accrued of increase of accrued of accrued transfer value of during the annual pension at in accrued pension at pension at accrued benefit year 31 Dec 09 pension 1 Jan 09 31 Dec 09 during the year £000 £000 £000 £000 £000 £000 RRS Hiscox 26 231 26 4,772 4,701 (71) BE Masojada 2 39 2 681 646 (35) RS Childs 20 240 24 5,127 5,387 260 SJ Bridges – 29 1 459 452 (7)
Share options Number of Number of Market price options at Number of Number of Number of options at at date of Date from 1 January options options options 31 December Exercise price exercise which 2009 granted lapsed exercised 2009 £ £ exercisable Expiry date SJ Bridges 62,038 – – (62,038) – 1.281 2.943-3.451 13 Oct 02 12 Oct 09 56,398 – – – 56,398 1.755 – 03 May 04 02 May 11 180,341 – – – 180,341 1.252 – 19 Nov 05 18 Nov 12 154,578 – – – 154,578 1.465 – 02 Apr 06 01 Apr 13 154,578 – – – 154,578 1.514 – 13 Jul 07 12 Jul 14 154,578 – – – 154,578 1.499 – 06 Apr 08 05 Apr 15 762,511 – – (62,038) 700,473 RS Childs 112,797 – – (112,797) – 1.281 3.437 13 Oct 02 12 Oct 09 78,958 – – – 78,958 1.755 – 03 May 04 02 May 11 206,104 – – – 206,104 1.252 – 19 Nov 05 18 Nov 12 206,104 – – – 206,104 1.465 – 02 Apr 06 01 Apr 13 206,103 – – – 206,103 1.514 – 13 Jul 07 12 Jul 14 206,104 – – – 206,104 1.499 – 06 Apr 08 05 Apr 15 1,016,170 – – (112,797) 903,373 RRS Hiscox 56,398 – – – 56,398 1.755 – 03 May 04 02 May 11 51,526 – – (51,526) – 1.465 2.990 02 Apr 06 01 Apr 13 51,526 – – (51,526) – 1.514 3.028 13 Jul 07 12 Jul 14 51,526 – – (51,526) – 1.499 3.068 06 Apr 08 05 Apr 15 210,976 – – (154,578) 56,398 BE Masojada 112,797 – – (112,797) – 1.281 3.465 13 Oct 02 12 Oct 09 169,195 – – – 169,195 1.020 – 15 Jun 03 14 Jun 10 78,958 – – – 78,958 1.755 – 03 May 04 02 May 11 206,104 – – – 206,104 1.252 – 19 Nov 05 18 Nov 12 206,104 – – – 206,104 1.465 – 02 Apr 06 01 Apr 13 206,104 – – – 206,104 1.514 – 13 Jul 07 12 Jul 14 206,104 – – – 206,104 1.499 – 06 Apr 08 05 Apr 15 1,185,366 – – (112,797) 1,072,569 Other employees 100,385 – – (100,385) – 1.281 2.910-3.615 13 Oct 02 12 Oct 09 326,297 – – (174,618) 151,679 1.020 2.895-3.502 15 Jun 03 14 Jun 10 292,128 – – (47,386) 244,742 1.755 3.110-3.607 03 May 04 02 May 11 435,322 – – (74,375) 360,947 0.806 2.948-3.368 27 Sep 04 26 Sep 11 754,623 – – (133,190) 621,433 1.252 3.110-3.388 19 Nov 05 18 Nov 12 843,325 – – (212,836) 630,489 1.465 3.138-3.527 02 Apr 06 01 Apr 13 1,303,596 – – (165,186) 1,138,410 1.514 3.030-3.388 13 Jul 07 12 Jul 14 1,576,674 – – (473,956) 1,102,718 1.499 2.935-3.502 06 Apr 08 05 Apr 15 5,632,350 – – (1,381,932) 4,250,418 Total 8,807,373 – – (1,824,142) 6,983,231 Directors’ remuneration report Hiscox Ltd Report and Accounts 2009 43
Page 1 and 2: Hiscox Ltd Report and Accounts 2009
Page 3 and 4: Corporate highlights Group key perf
Page 5 and 6: Chairman’s statement It is an eno
Page 7 and 8: Chief Executive’s report In 2009
Page 9 and 10: Hiscox London Market Hiscox London
Page 11 and 12: We have also worked hard to develop
Page 13 and 14: We have continued to invest in trai
Page 15 and 16: Hiscox London Market Hiscox London
Page 17 and 18: Group financial performance Group f
Page 19 and 20: The expense ratio deteriorated by 7
Page 21 and 22: High quality and well diversified p
Page 23 and 24: Risk management The risk management
Page 25 and 26: Credit Reinsurance counterparties T
Page 27 and 28: Boxplot and whisker diagram of Hisc
Page 29 and 30: in essence a non-bureaucratic organ
Page 31 and 32: Cougar Syndicate 6104 Cougar Syndic
Page 33 and 34: Hiscox Insurance Company (Bermuda)
Page 35 and 36: Independent Non Executive Directors
Page 37 and 38: ecent and relevant financial experi
Page 39 and 40: Directors’ remuneration report Th
Page 41 and 42: Executive Directors’ cash incenti
Page 43: Remuneration of Executive Directors
Page 47 and 48: Directors’ report The Directors h
Page 49 and 50: Report of the independent registere
Page 51 and 52: Consolidated balance sheet At 31 De
Page 53 and 54: Consolidated statement of cash flow
Page 55 and 56: 2 Significant accounting policies c
Page 63 and 64: 3 Management of risk continued 3.1
Page 75 and 76: 4 Operating segments continued (a)
Page 77 and 78: 5 Net asset value per share 2009 20
Page 79 and 80: 12 Auditors’ remuneration continu
Page 81 and 82: 15 Intangible assets continued Othe
Page 83 and 84: 19 Reinsurance assets 2009 2008 Not
Page 85 and 86: 22 Derivative financial instruments
Page 87 and 88: 23 Fair value measurements continue
Page 89 and 90: 25 Share capital continued Share op
Page 91 and 92: 27 Insurance liabilities and reinsu
Page 93 and 94: 27 Insurance liabilities and reinsu
Page 95 and 96:
30 Deferred tax continued (b) Group
Page 97 and 98:
31 Employee retirement benefit obli
Page 99 and 100:
36 Contingencies and guarantees con
Page 101 and 102:
38 Principal subsidiary companies o
Page 103 and 104:
To request a copy of the 2009 Hisco
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