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Daily Insurance Industry News
Wednesday 23rd of May 2018
November 8, 2010

Hiscox: GWP “broadly level” in 2010

by Gill Montia

Story link: Hiscox: GWP “broadly level” in 2010

Hiscox has reported that gross written premiums in the first nine months of 2010 were broadly level with a year earlier, at £1.2 billion.

The international specialist insurer said that business had continued to grow in its local specialty lines but had contracted in areas where rates are challenging, mainly US property insurance lines and big-ticket professional indemnity.

The group also reported good investment return (+3.2%) alongside a “benign claims environment”.

In the nine months to the end of September, the firm’s London Market business reduced premium income as planned by 13.9%, to £495.8 million, having continued to cut back in areas where rates are weak, while Hiscox Bermuda grew premium income by 16.9% to $295.5 million, having taken advantage of attractive reinsurance rates.

Retail business in the UK increased premium income by 8.9%, to £249.1 million, with the direct business growing by 22%.

Finally, Hiscox Europe grew by 9.7% to gross written premiums of €119.1 million, mainly driven by growth in specialty commercial lines across Europe.

 

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