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Hiscox Ltd on Wednesday said says written premiums were up across all of its sectors as it turns its focus on new opportunities.
The Hamilton, Bermuda-based insurer said group insurance contract written premiums increased by 5.6% to $3.76 billion in the third quarter of 2023, from $3.56 billion the year prior. It noted that it is deploying capital in its London Market and reinsurance and insurance-linked strategy unit, in order to create profit growth.
The firm said net group insurance contract written premiums rose by 11%, driven by the acceleration in the growth in its reinsurance and insurance-linked strategy sector to 23% and in London markets to 18%. It said Re & ILD premiums were $975.5 million, up 2.7% from $949.8 million.
Hiscox noted that Retail ICWP was $1.84 billion during the quarter, increasing 3.8% from $1.77 billion. It was boosted by growth in Europe and positive momentum in its direct & partnerships division in the US.
The company noted that this growth was partially offset by rate softening in US cyber in the broker business, and its action to exit non-core underwriting in the UK.
Meanwhile, London Market ICWP rose by 12% to $676.7 million, from $572.9 million previously, which was driven by strong growth in the marine, energy and specialty & property sectors.
Chief Executive Aki Hussain said: ‘I am pleased we have continued to deliver disciplined profitable growth across the group. Through a combination of management actions to improve the quality of our portfolios, increased capital deployment in big-ticket and a focus on the quality of growth in Retail, we are in the best position for many years to grow and deliver strong risk-adjusted returns in each of our segments.
‘As we look forward, market conditions remain positive across the group and we see plenty of attractive opportunities ahead.’
Hiscox shares rose 0.9% to 980.00 pence on Wednesday morning in London.
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