Hiscox says premiums rise nearly 13 per cent

Lloyd’s of London underwriter Hiscox said its gross written premiums for the first nine months rose nearly 13 per cent, driven by a strong performance in its US and London markets and a lack of natural calamities.
By The Newsroom
Published 9th Nov 2015, 08:32 BST
Floods in Biot, near Cannes in the South of FranceFloods in Biot, near Cannes in the South of France
Floods in Biot, near Cannes in the South of France

Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said gross written premiums rose to £1.53bn in the nine months ended September 30, from £1.36bn a year earlier.

The underwriter also said it benefited from good risk selection and a lack of storms, floods and hurricanes in the period.

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Based on early estimates, Hiscox said it expected net claims of $10m from the explosion in the Port of Tianjin in August, and that it had limited exposure to the Californian wildfires in September and the more recent South Carolina floods.

Hiscox UK and Europe has put aside net £3.5m for the October floods in the south of France, the company said.

Hiscox’s London Market increased gross written premiums by 16.9 per cent in local currency to £453.4m, while gross written premiums at Hiscox USA rose 17.1 per cent to $321.4m.

The Bermuda-based company also said it was considering raising some subordinated debt to bolster its balance sheet and support its growth plans. Hiscox did not disclose how much fresh debt it could look to raise.

Hiscox is creating 500 new jobs in York with the creation of its largest office outside of London. It opens next month.

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