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Daily Insurance Industry News
Monday 19th of February 2018
May 11, 2009

Hiscox reports 51% rise in GWP as reinsurance rates recover

by Gill Montia

Story link: Hiscox reports 51% rise in GWP as reinsurance rates recover

Bermuda-based specialist insurer, Hiscox, saw a 51% annual rise in premium income during the first three months of the year, to £486.5 million.

The result is the equivalent to year-on-year growth of 25% at constant exchange rates.

In the UK, gross written premiums rose to £69 million, up from £60.7 million a year earlier.

Other European markets also showed continued growth, with premium income up from €47 million in the first three months of 2008, to €52.1 million during the same period of 2009.

In the US, gross written premiums rose by 51% to $17.1 million during the first quarter.

The group’s chairman, Robert Hiscox, comments: “As we said before, the tide turned for reinsurance rates and we are taking full advantage of this.”

He adds that the company is particularly pleased with the steady growth in the UK, Europe and US, given the need to balance its catastrophe book with more stable local business.

 

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