4th May 2023 10:35
(Alliance News) - Hiscox Ltd on Thursday reported "positive momentum" throughout the first quarter, amid "an attractive rate environment", with premiums on the rise.
The Hamilton, Bermuda-based insurer said insurance contract written premiums increased by 4.1%, or 7.4% in constant currency, to USD1.42 billion from USD1.36 billion for the same period in 2022.
Hiscox said insurance contract written premiums in its London market division increased by 8.6% in the quarter, 9.9% in constant currency, to USD320.8 million from USD295.3 million the prior year. Hiscox Re & ILS written premiums grew by 5.0%, 6.9% constant currency, to USD418.1 million from USD398.2 million.
Hiscox Retail written premiums increased 1.7%, 6.5% in constant currency, to USD681.3 million from USD670.2 million year-on-year. There was 4.3% growth for Hiscox USA, a 7.0% climb in Europe and a 13% rise in Asia, all in dollar terms.
Hiscox reported an investment result of USD98.1 million for the quarter, improving from a loss of USD119.4 million the prior year. It said recent market turbulence did not cause any material deterioration in its investment portfolio. It also noted "improved investment returns on our bond portfolio".
"We are seeing positive momentum across the group...Hiscox London Market and Hiscox Re & ILS continue to thrive in very favourable market conditions, growing top line and materially increasing net retained premium, as we deploy our own capital to make the most of the opportunity. This combined with a much improved investment result, means the outlook for the half year is positive," Chief Executive Officer Aki Hussain commented.
Shares in Hiscox were down 2.7% in London on Thursday at 1,161.00 pence.
By Emma Curzon, Alliance News reporter
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