HISCOX SYNDICATES LIMITED
Company Information
- Company Number
- 02590623
- Registered Address
- 22 Bishopsgate, London, United Kingdom, EC2N 4BQ
- Status
- Active
- Employee Count
- 0.0
- Turnover
- 68301000.0
- EBITDA
- 29016000.0
Additional Details
- Website
- https://hiscox.com
- Company Type
- Private limited Company
- Incorporated On
- 12 March 1991
- Nature of Business
- 65120 - Non-life insurance
- Industries
- Financial Services
- Region
- London
Company Location
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Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 31 Jan 2024 | 13 | 94% | 5% | 1% | 6% |
| 01 Jan 2023 - 30 Jun 2023 | 17 Jul 2023 | 13 | 93% | 6% | 1% | 7% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 15 | 91% | 7% | 2% | 11% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 20 | 87% | 8% | 5% | 13% |
| 01 Jul 2021 - 31 Dec 2021 | 27 Jan 2022 | 16 | 91% | 7% | 2% | 9% |
| 01 Jan 2021 - 30 Jun 2021 | 26 Jul 2021 | 18 | 88% | 8% | 4% | 12% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 16 | 89% | 8% | 3% | 11% |
| 01 Jan 2020 - 30 Jun 2020 | 15 Jul 2020 | 26 | 78% | 19% | 3% | 22% |
| 01 Jul 2019 - 31 Dec 2019 | 16 Jan 2020 | 23 | 67% | 20% | 12% | 32% |
| 01 Jan 2019 - 30 Jun 2019 | 10 Jul 2019 | 23 | 89% | 8% | 3% | 11% |
Company Summary
HISCOX SYNDICATES LIMITED is a leading specialist insurer based in London, United Kingdom
The company is a part of the Hiscox Group, which has been in the insurance business for over a hundred years
With a strong focus on sustainability, Hiscox Syndicates Limited offers a range of products and services to its clients
The company's sustainability program is built on the pillars of responsible underwriting, responsible claims management, and responsible investment
It is committed to reducing its environmental impact and promoting sustainability through its operations
This includes measures such as reducing paper usage, promoting recycling, and using renewable energy sources
Hiscox Syndicates Limited offers a wide range of insurance products and services, including property, casualty, marine, and specialty insurance
The company also offers risk management services to help clients identify and mitigate potential risks
Its clients range from individuals and small businesses to large corporations
The key people at Hiscox Syndicates Limited include Bronek Masojada, the Group CEO, and Robert Childs, the Chairman of Hiscox Syndicates Limited
They lead a team of experienced professionals who are dedicated to providing high-quality insurance solutions to their clients
To learn more about the company and its services, interested individuals can visit the company's official website at www.hiscoxgroup.com
The registered office address for Hiscox Syndicates Limited is 1 Great St Helen's, London, EC3A 6HX, United Kingdom
Customers can also contact the company through its customer service number, +44 (0)20 7448 6000
Overall, HISCOX SYNDICATES LIMITED is a reputable and sustainable insurer that strives to provide the best insurance solutions to its clients
Company Review
Trend Analysis
The average time for HISCOX SYNDICATES LIMITED to pay invoices to suppliers has decreased over the past three periods. In 2019, the average time was 23 days, which decreased to 18 days in 2021, and further decreased to 13 days in 2023.
Volatility Analysis
The percentage of invoices paid within 30 days has remained relatively stable over the past three periods, with a decrease of only 1% from 2019 to 2023. However, the percentage of invoices paid between 31 and 60 days has fluctuated, with a 7% increase in 2021 followed by a 3% decrease in 2023. The percentage of invoices paid later than 60 days has also fluctuated, with a 9% decrease in 2021 followed by a 1% increase in 2023. Overall, there has been a slight decrease in the percentage of invoices not paid within agreed terms over the three periods.
Summary Analysis
Between 2019 and 2023, HISCOX SYNDICATES LIMITED has seen an improvement in its average time to pay invoices, with a decrease of 10 days. This can be attributed to improvements in paying invoices within 30 days, which has remained consistently high at an average of 90% over the three periods. The company also saw a decrease in the percentage of invoices paid between 31 and 60 days, from 20% in 2019 to 5% in 2023. However, the percentage of invoices paid later than 60 days has seen a slight increase, from 3% in 2019 to 6% in 2023. The shortest (or only) standard payment period has remained consistent at 30 days over the three periods.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Hiscox standard payment terms are 30 days from receipt of the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
30
Dispute Resolution Process
Disputes are notified to the Accounts Payable team at AccountsPayable@Hiscox.com. They are investigated within 14 working days and resolved directly with the supplier and any named Hiscox contact as required. Where relevant, disputes can be escalated or notified to the Group Finance director. A record of all disputes and there resolution are maintained for future reference.
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
