Hiscox sees growth across board as gross written premiums rise

(Alliance News) - Hiscox Ltd on Wednesday said says written premiums were up across all of its sectors as it turns its focus on new opportunities.

The Hamilton, Bermuda-based insurer said group insurance contract written premiums increased by 5.6% to USD3.76 billion in the third quarter of 2023, from USD3.56 billion the year prior. It noted that it is deploying capital in its London Market and reinsurance and insurance-linked strategy unit, in order to create profit growth.

The firm said net group insurance contract written premiums rose by 11%, driven by the acceleration in the growth in its reinsurance and insurance-linked strategy sector to 23% and in London markets to 18%. It said Re & ILD premiums were USD975.5 million, up 2.7% from USD949.8 million.

Hiscox noted that Retail ICWP was USD1.84 billion during the quarter, increasing 3.8% from USD1.77 billion. It was boosted by growth in Europe and positive momentum in its direct & partnerships division in the US.

The company noted that this growth was partially offset by rate softening in US cyber in the broker business, and its action to exit non-core underwriting in the UK.

Meanwhile, London Market ICWP rose by 12% to USD676.7 million, from USD572.9 million previously, which was driven by strong growth in the marine, energy and specialty & property sectors.

Chief Executive Aki Hussain said: "I am pleased we have continued to deliver disciplined profitable growth across the group. Through a combination of management actions to improve the quality of our portfolios, increased capital deployment in big-ticket and a focus on the quality of growth in Retail, we are in the best position for many years to grow and deliver strong risk-adjusted returns in each of our segments.

"As we look forward, market conditions remain positive across the group and we see plenty of attractive opportunities ahead."

Hiscox shares rose 0.9% to 980.00 pence on Wednesday morning in London.

By Harvey Dorset, Alliance News reporter

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