ICAP Plc, the world’s largest broker of transactions between banks, appointed Hiscox Ltd.’s Stuart Bridges as chief financial officer.
Bridges, 54, will be based in London, reporting to ICAP Chief Executive Officer Michael Spencer, the London-based firm said in a statement on Monday. He will remain at Hiscox until the end of August, the Lloyd’s of London insurer said in a separate statement. Hiscox is looking at both internal and external candidates to fill the post, it said.
ICAP is seeking to shore up earnings hurt by a slump in trading as lenders around the globe scale back their fixed-income, currencies and commodities operations. Under Bridges, Hiscox’s gross written premiums surged to 1.8 billion pounds ($2.6 billion) from 241 million pounds when he joined in 1999.
“We are focused on investing further in expanding our product portfolio and services into areas where we see potential,” Spencer said in the statement. “Stuart will be a key part of the management team that will drive forward our strategy.”
ICAP shares have increased about 23 percent this year, giving the company a market value of 3.6 billion pounds.