Hiscox makes 'good start' to year

Specialist insurer Hiscox increased its gross written premiums by 10% in local currency to £640.5m in its first quarter, it reported on Tuesday.

The FTSE 250 firm said the strong performance came from almost all market segments, with the business continuing “to benefit from a long-standing strategy of balance and diversity”.

Hiscox Retail’s gross written premiums grew 9.7% during the period, with the US market the outstanding performer at 30.1% growth in local currency.

The UK grew 5.8% and Europe 4.9%, while Special Risks and DirectAsia were the losers within the retail branch, with gross written premiums declining 12.1% and 5.1% respectively.

“Investment in brand and infrastructure are driving growth in Hiscox Retail gross written premiums,” the group’s board said in a statement.

Hiscox Re also reached into the double digits during the quarter, with 16.2% growth, while the Hiscox London Market saw gross written premiums improve 5.3% at local currency.

The board said Hiscox Re was continuing to grow its casualty and specialty businesses including cyber, terrorism and business written on behalf of Kiskadee Investment Managers, while new teams and product lines blew steam into the Hiscox London Market.

"We've had a very good start to the year,” said Hiscox CEO Bronek Masojada.

“Our retail businesses continue to do well, growing in both broker and direct-to-consumer channels.

“We are navigating more difficult markets in bigger ticket lines; retreating where competition is eroding margins and growing where we see opportunity,” Masojada explained.