Business
Hiscox Ltd trading statement
Hiscox Ltd trading statement.
About this update from Hiscox Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 8544D\n Hiscox Ltd\n 02 November 2020\n \n \n \n \n Hiscox Ltd trading statement\n \n \n \n Hamilton, Bermuda (2 November 2020) - \n \n Hiscox Ltd (LSE:HSX), the international specialist insurer, today issues its trading statement for the first nine months of the year to 30 September 2020\n .\n \n \n Gross written premiums grew by 2% in constant currency to $3,262.4 million (2019: $3,212.6 million), driven by rate improvement and growth in customer numbers across the business. In the third quarter, premiums grew by 15% in constant currency.\n \n \n Highlights:\n \n \n \n Hiscox Retail reported growth in each of its five business units driven by its digital platforms. \n \n \n Hiscox London Market continued to benefit from accelerating rate improvement, with rates up 18% across the portfolio.\n \n \n Hiscox Re & ILS achieved good growth at the July renewals, with rates up 12% for the year.\n \n \n $75 million reserved for catastrophe claims in the third quarter.\n \n \n No change to previously-disclosed estimates for claims related to COVID-19.\n \n \n \n Bronek Masojada, Chief Executive Officer, commented: \n \"I am proud of the way Hiscox employees have continued to support our customers in very challenging circumstances. Our year-to-date performance demonstrates the resilience of the Group, as we delivered good growth in every target area, including in all of our Retail businesses.\n \n \n \"We are benefiting from the inexorable shift towards digital in our Retail businesses thanks to our on-going investment in technology, as well as the strongest pricing we have seen in the London Market and in reinsurance for more than five years. We have the financial strength, operational resilience and underwriting expertise to take advantage of these favourable market trends.\"\n \n \n \n Gross Written Premiums for the period\n \n :\n \n \n \n \n \n \n \n \n \n \n \n \n Gross Written Premiums \n \n \n to 30 September 2020\n \n \n \n \n Gross Written \n \n \n Premiums \n \n \n to 30 September 2019\n \n \n \n \n Growth in USD\n \n \n \n \n \n \n \n Growth in constant currency\n \n \n \n \n \n \n \n \n \n \n \n \n US$m\n \n \n \n \n US$m\n \n \n \n \n %\n \n \n \n \n %\n \n \n \n \n \n \n Hiscox Retail\n \n \n \n \n 1,725.9\n \n \n \n \n 1,666.7\n \n \n \n \n 4%\n \n \n \n \n ...