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(Sharecast News) - Insurance firm Hiscox said on Thursday that gross written premiums had grown in the first quarter of 2022, driven by solid performances in its reinsurance and insurance-linked strategy business.
Hiscox stated gross premiums written were up 10.3% to $1.4bn in the three months ended 31 March, while reinsurance and insurance-linked strategy division gross written premiums rose to $421.0m from $288.8m.
However, the FTSE 250-listed group also said London market business gross premiums written declined 3.1% to $294.5m and added that although losses incurred from the war in Ukraine were minimal, it had opted to reserve around $40.0m net of reinsurance to cover claims related to the conflict.
Hiscox also posted an investment return loss of $119.4m, a marked reversal when compared to the profit of $20.7m posted a year earlier, principally due to unrealised losses in its bond portfolio due to higher interest rates.
Chief executive Aki Hussain said: "The group delivered a solid performance in the first quarter. The rate environment remains favourable and both our big-ticket and Retail businesses delivered good underlying growth in areas where we see attractive opportunities.
"In big-ticket, we continue to position our businesses for strong and sustainable returns by growing where we see opportunity and reducing exposures where we believe risks are under-priced. In retail, our US and European operations are making good progress in rolling out new technology platforms to support our growth ambitions."
As of 1000 BST, Hiscox shares were down 3.32% at 925.0p.
