A healthcare reinsurance team is transferring from Hiscox Re to Ascot in Bermuda.

However, the Hiscox group will continue to do healthcare insurance business in Britain and the US.

In a statement, Hiscox said: “We have been in discussions with the healthcare team about how healthcare would fit into the longer term plans for Hiscox Re.

“The team has found a good opportunity at Ascot in Bermuda and we have entered into an agreement to effect this transfer. This transfer gives us the opportunity to focus on core reinsurance business.

“Although we are no longer writing healthcare from Bermuda, this transfer does not impact our other healthcare insurance lines. We are open for business in the London market and have a growing appetite for retail healthcare business in Hiscox USA and Hiscox UK.”

It is believed the healthcare insurance team transferring between the companies consists of five members.

Ascot Underwriting Bermuda is a subsidiary of Ascot Underwriting Holdings, which was formally part of the American Insurance Group.

Last year, AIG sold its interest in AUH to the Canada Pension Plan Investment Board. However, AIG and Ascot Underwriting Bermuda have maintained a strategic partnership. The AIG-Ascot Re platform consists of Ascot Underwriting Bermuda, which writes business on behalf of American International Reinsurance Company, an AIG company.