10th Nov 2014 08:44
LONDON (Alliance News) - Hiscox Ltd on Monday said its gross written premiums fell slightly overall in the first nine months, with increases in its UK, Europe and US businesses offset by falls in its reinsurance business and its Guernsey arm.
The FTSE 250-listed specialist insurer said gross written premiums in the first nine months to the end of September fell slightly to GBP1.36 billion from GBP1.37 billion last year.
Gross written premiums in its UK market increased to GBP324 million from GBP312.8 million last year. For Europe, premiums were up to GBP125.3 million from GBP117.4 million, and in the US, premium rose to GBP164.5 million from GBP142.2 million.
The group also got a boost from its London market operation, where premiums increased to GBP364.2 million from GBP352.2 million, and from a GBP9.2 million contribution from its newly-acquired DirectAsia business.
But the rises were offset by a big fall in premiums year-on-year in the Hiscox Re arm, down to GBP324.9 million from GBP391.3 million the year before as the company reduced its catastrophe reinsurance book. Premiums in its Guernsey arm also fell, down to GBP49.2 million from GBP54.6 million.
"Long term investment in our brand and in building our retail business has paid off as we continue to grow particularly in USA, London Market and Europe, while we sensibly reduce our catastrophe reinsurance book," said Hiscox Chief Executive Bronek Masojada.
Hiscox shares were trading down 0.5% at 674.50 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Hiscox