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(Sharecast News) - Specialist insurer Hiscox reported a rise in first-quarter gross written premiums on Wednesday, as growth in its London market, Europe and direct and partnerships business offset planned reductions in the US broker channel.
In the three months to the end of March 2021, group gross written premiums increased 6.3% to $1.26bn. Hiscox hailed a good performance in its retail division, with gross premiums up 8.6% in what it described as a challenging operating environment.
In the direct and partnerships business, premiums rose 22.1%, while the US saw premiums grow by 30.1%. Hiscox said the UK retail division remains "resilient," with premiums up 8.2%, reflecting strong renewals and growing customer numbers.
Its top-line performance in Europe was "excellent", Hiscox said, with premiums up 20.4%, led by Germany, Benelux and Iberia.
Meanwhile, Hiscox London Market benefited from favourable rate momentum, with rates up 13% across the portfolio and premiums up 9.3%.
Chief executive officer Bronek Masojada said: "The year has got off to a good start as rates continue to strengthen in all areas. Our big-ticket businesses are benefitting from improved conditions and strong market positions. Our Retail businesses continue to benefit from the shift to digital trading."
Hiscox said that after a strong start to the year, it remains well capitalised on both a regulatory and ratings basis, with liquidity to pay claims and execute its growth strategy in favourable market conditions.
"The board believes that paying a dividend is a priority in 2021 and will evaluate the position ahead of the interim results."
1 Sep 2023 11:49
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