Specialist insurer Hiscox (LON:HSX) saw shares rise marginally at market open, after reporting a 20.4 percent rise in gross premiums.
Gross written premiums grew by 20.3 percent in constant currency to $1,155.8m in the first three months of the year to 31 March, but it added that growth in the ‘big-ticket’ business would be more measured for the rest of the year.
Hiscox Retail division continued its good momentum, with the firm benefitting from the subsidence of price declines seen last year in reinsurance. The firm’s US portfolio saw the most movement, with prices up 9 percent on average. Mid-year renewals in June and July are expected to see limited rate improvement.
“After a costly year for catastrophes in 2017, our London Market and reinsurance businesses mobilised quickly to grasp the opportunity and grew strongly. Sadly, discipline and good sense is receding in the market, so for the rest of the year growth in big-ticket business will be more measured,” said Bronek Masojada, Group CEO.
Hiscox (LON:HSX) are an international insurance company, specialising in niche areas including property and other insurance for high net worth individuals. Shares in Hiscox are currently up 0.33 percent at 1,513.00 (0852GMT).
