10th May 2016 06:24
LONDON (Alliance News) - Specialty insurer Hiscox Ltd on Tuesday posted a rise in gross written premiums in the first quarter and said it saw a strong performance from all its business segments.
Hiscox said gross written premiums in the first quarter grew to GBP640.5 million from GBP561.7 million in the first quarter to the end of March.
Gross written premiums for its London Market division were helped higher by new teams brought on board and product lines launched, Hiscox said, while its Hiscox Re reinsurance arm continued to grow its casualty and specialty business, including through cyber and terrorism risk premiums.
The insurer said its Retail business also grew in the quarter, with gross written premiums higher in the UK and the US and broadly flat in Europe.
"We've had a very good start to the year. Our retail businesses continue to do well, growing in both broker and direct-to-consumer channels. We are navigating more difficult markets in bigger ticket lines; retreating where competition is eroding margins and growing where we see opportunity," said Bronek Masojada, Hiscox's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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