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Hiscox insurance posts first quarter growth

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Insurance giant Hiscox has seen gross written premiums rise by 3.3% in constant currency to $1.16bn in the three months to 31 March.

Reinsurance dropped but recorded growth with their retail and London divisions, the London market rise 4% for 2019, as the US public company directors are seeing larger increases with their marine hull and cargo.

Hiscox forecast their growth in their retail business towards the mid-point of 5% to 15% target range, for the third and fourth quarters of 2019.

Bronek Masojada, chief executive said, “We have done what we said we would do in the first quarter. In retail we continue to pull back in US private company D&O, where conditions are challenging, and the UK business is adapting to a new IT system which will help us capture the long-term opportunity.

“In the London Market and in reinsurance, where conditions are improving, we are growing in the right areas and maintaining our focus on writing profitable business.”

During 2018 Californian wild fires, Typhoons and hurricanes across the world saw the company take a $225m hit.

Hiscox said on Tuesday, “Due to heavy losses in the risk excess and the wildfire market over the last two years, we have taken action to adjust our view of risk, increase rates and reduce exposure on some business.”




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