Hiscox Q1 results as projected

by David Masters

Story link: Hiscox Q1 results as projected

Lloyd’s insurer Hiscox Ltd. has reported its results for the first quarter, with premium income falling 10% to £321.3 million.

This is compared to premium income of £358.4 million for the first quarter of 2007.

The Bermuda-based company is a market leader in art insurance, and kidnap and ransom cover.

Despite the poor performance globally, gross written premiums (GWP) for Hiscox UK were up 13%, whilst for Hiscox Europe GWP increased 29%.

The company said that the results are a ‘good start to the year’ and reflect projected sales, which were expected to fall due to declining international rates.

It was also pointed out that Hiscox has emerged largely unscathed from a number of large claims in the first quarter.