Bermuda-based Hiscox Ltd. Posted mixed results, which it nonetheless described as “a good start to the year,” despite a 10 percent drop in total gross written premiums – from £358.4 million ($701.6 million) to £321.3 million ($629 million).
“Our strategy of growing our specialist regional businesses to balance the more volatile international business is working,” said the bulletin. “Hiscox UK and Hiscox Europe experienced strong growth with increases in gross written premiums of 13 percent and 29 percent respectively. In line with expectations premium income underwritten by Hiscox Global Markets and Hiscox International reduced.”
Chairman Robert Hiscox commented: “We have had a good start to the year with relatively small involvement in the many large individual losses which have occurred around the world. Despite those losses, market conditions in international and larger business are becoming challenging so we are reducing our exposure to these areas through disciplined underwriting. However, we are continuing to drive profitable growth in our more stable specialist regional businesses, which are less prone to extremes of market competition.”
Source: Hiscox – www.hiscox.com
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Homebuilders Cut on ‘Sluggish’ Housing Market, Florida Woes 
Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season 
Woman Used Photos from Another Person in State Farm Claim, NCDOI Says 
Hurricane Beryl Triggers Record Payout for Caribbean Insurer 
