Business
Hiscox Ltd Q1 Trading Statement
Hiscox Ltd Q1 Trading Statement.
About this update from Hiscox Ltd
[{"type":"text","content":"\n \nRNS Number : 1040Y Hiscox Ltd 07 May 2019 \n\nHiscox Ltd trading statement\nHamilton, Bermuda (7 May 2019) - Hiscox Ltd (LSE:HSX), the international specialist insurer, today issues its trading statement for the first three months of the year to 31 March 2019.\nGross written premiums grew by 3.3% in constant currency to $1,164.7 million (2018: $1,157.7 million). Hiscox Retail continued its disciplined approach, while Hiscox London Market and Hiscox Re & ILS have been opportunistic, growing where rates are improving most.\nBronek Masojada, Chief Executive Officer, commented: \"We have done what we said we would do in the first quarter. In retail we continue to pull back in US private company D&O, where conditions are challenging, and the UK business is adapting to a new IT system which will help us capture the long-term opportunity. We expect growth for our retail businesses to trend towards the mid-point of our 5-15% target range in the second half.\n\"In the London Market and in reinsurance, where conditions are improving, we are growing in the right areas and maintaining our focus on writing profitable business.\"\n \nGross Written Premiums for the period:\n \n\n\n\n\n \n\n\nGross Written Premiums \nto 31 March 2019\n\n\nGross Written \nPremiums \nto 31 March 2018\n\n\nGrowth in constant currency\n \n\n\nGrowth in USD\n \n\n\n\n\n \n\n\nUS$m\n\n\nUS$m\n\n\n%\n\n\n%\n\n\n\n\nHiscox Retail\n\n\n$593.3\n\n\n$574.8\n\n\n7.7%\n\n\n3.2%\n\n\n\n\nHiscox London Market\n\n\n$228.6\n\n\n$219.8\n\n\n5.3%\n\n\n4.0%\n\n\n\n\nHiscox Re & ILS\n\n\n$342.8\n\n\n$363.1\n\n\n(4.6%)\n\n\n(5.6%)\n\n\n\n\nTotal\n\n\n$1,164.7\n\n\n$1,157.7\n\n\n3.3%\n\n\n0.6%\n\n\n\n\nRates\nIn Hiscox London Market, rates have increased across the portfolio by approximately 4% year to date, as the cumulative impact of two consecutive years of heavy market losses and the Lloyd's 'Decile 10' directive continues to drive rate improvement in the majority of classes. Cargo, marine hull and US public company directors and officers' (D&O) have seen the most significant rate rises, all up double digits, while pricing in property lines continues to firm. Pricing in cyber and terrorism remains competitive. \nIn reinsurance, where capacity is abundant, rate improvement has been more incremental. For Hiscox Re & ILS, ...