Hiscox to nonrenew BOP policies for select classes

Hiscox has filed to nonrenew a block of Businessowners (BOP) policies in Georgia, impacting 81 policyholders, as part of a broader national shift in underwriting appetite. The move comes in response to insufficient premium income and the need for uncompetitive or uneconomic rate increases, according to a letter submitted to the Georgia Department of Insurance.

While the company is not withdrawing from the BOP market entirely, it is exiting select classes of business that include:

• Food and beverage vendors such as food trucks, ice cream carts, and refreshment stands
• Niche retailers including cell phone stores, DVD shops, and appliance outlets
• Pet-related services such as pet daycare, mobile grooming, pet hotels, and supply stores
• Other small businesses like sewing machine and vacuum cleaner stores

The change is being made across multiple states and reflects a strategic reassessment of profitability in low-premium segments. Policyholders will receive official nonrenewal notices citing Hiscox’s updated underwriting criteria.