Hiscox Plc has acquired the Lloyd?s business of Global Flying Insurance Services (GFIS) from Lloyd?s broker Besso.

GFIS is an underwriting agency specialising in loss of licence insurance for aviation pilots. Hiscox has been the lead Lloyd?s underwriter for GFIS for approximately six years, providing capital for 30 percent of the acquired business with five other Lloyd?s syndicates sharing the remainder.

The premium volume for the acquired business is ?2.5 million for the current year,.

The four existing GFIS staff will join Hiscox, which is set to move its holding company from the UK to Bermuda in December, under the terms of the agreement.

The GFIS brand will be transferred to Hiscox and the acquired business will be run as part of the Group?s Hiscox UK retail division.

David Bruce, head of specialty underwriting, Hiscox, said: ?We are delighted to announce this acquisition of GFIS, a specialist insurance provider with a great reputation.

?Hiscox is structured to support and develop specialist underwriting teams and I am confident that GFIS will thrive here.?