and Hiscox Re & ILS have been opportunistic, growing where rates are improving most...
Hiscox Ltd (LSE:HSX), the international specialist insurer, today issues its trading statement for the first three months of the year to 31 March 2019.
Gross written premiums grew by 3.3% in constant currency to $1,164.7 million (2018: $1,157.7 million). Hiscox Retail continued its disciplined approach, while Hiscox London Market and Hiscox Re & ILS have been opportunistic, growing where rates are improving most.
Bronek Masojada, Chief Executive Officer, commented: “We have done what we said we would do in the first quarter. In retail we continue to pull back in US private company D&O, where conditions are challenging, and the UK business is adapting to a new IT system which will help us capture the long-term opportunity. We expect growth for our retail businesses to trend towards the mid-point of our 5-15% target range in the second half.
“In the London Market and in reinsurance, where conditions are improving, we are growing in the right areas and maintaining our focus on writing profitable business.”
Gross Written Premiums for the period:
|
|
Gross Written Premiums to 31 March 2019 |
Gross Written Premiums to 31 March 2018 |
Growth in constant currency |
Growth in USD |
|
|
US$m |
US$m |
% |
% |
|
Hiscox Retail |
$593.3 |
$574.8 |
7.7% |
3.2% |
|
Hiscox London Market |
$228.6 |
$219.8 |
5.3% |
4.0% |
|
Hiscox Re & ILS |
$342.8 |
$363.1 |
(4.6%) |
(5.6%) |
|
Total |
$1,164.7 |
$1,157.7 |
3.3% |
0.6% |
Read the full release here
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