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Hiscox issues Q1 financial results

Hiscox issues Q1 financial results | Insurance Business

Hiscox issues Q1 financial results

“The year has got off to a good start as rates continue to strengthen in all areas.”

Those were the words of Hiscox Ltd group chief executive Bronek Masojada when the international specialist insurer released its trading statement for the first quarter of 2021.

In its update this morning, the Bermuda-headquartered insurance group said gross written premium (GWP) rose 6.3% to US$1.26 billion. Broken down, here’s how Hiscox performed in the period in terms of GWP:

Business

GWP for Q1

Hiscox Retail

US$663.9 million

Hiscox London Market

US$303.9 million

Hiscox Re & ILS

US$288.8 million

 

Of the three divisions, only Hiscox Re & ILS saw a decline from the same three-month span in 2020. This was attributed to the continued impact on the top line due to underwriting discipline and a reduction in third-party capital deployed.

As for the retail operations, US$196.6 million of the GWP came from Hiscox UK; US$217.3 million, Hiscox Europe; US$237.8 million, Hiscox USA; and US$12.2 million, Hiscox Asia. All units posted higher numbers compared to the previous year.

Masojada noted: “Our big-ticket businesses are benefitting from improved conditions and strong market positions. Our retail businesses continue to benefit from the shift to digital trading.”

Meanwhile, according to Hiscox, it remains well capitalised on both a regulatory and ratings basis, with liquidity to pay claims and execute the group’s growth strategy in favourable market conditions.