(Adds background, detail)
LONDON, May 5 (Reuters) - Lloyd's of London insurer Hiscox
recorded a 6.3% rise in gross written premiums in the
first quarter and said paying a dividend in 2021 was a priority,
helped by strong growth in the firm's London market and Europe
divisions.
Hiscox has not paid a dividend for the last two years, as
insurers grappled with the impact of the coronavirus pandemic.
But insurers are now benefiting from a rise in rates. Rates
rose 13% in the London commercial insurance market, Hiscox said
on Wednesday.
"Our big-ticket businesses are benefitting from improved
conditions and strong market positions," chief executive Bronek
Masojada said in a statement.
"Our retail businesses continue to benefit from the
shift to digital trading."
Hiscox has been working to rebuild its brand after losing a
legal dispute over policy wordings for pandemic-linked claims in
Britain earlier this year.
The insurer said its board would evaluate the possibility
for a 2021 dividend ahead of interim results.
Gross written premiums rose to 1.26 billion pounds ($1.75
billion) in the first quarter.
Hiscox said it had reserved a net $47 million for losses
from the North American winter storm Uri.
It said Australian floods and marine losses due to the
blocking of the Suez Canal by container ship Ever Given were
"not expected to be material events" for the company.
($1 = 0.7196 pounds)
(Reporting by Carolyn Cohn and Muvija M.; editing by John
O'Donnell)
Hiscox (HSX)
