Hiscox declares first quarter results

It’s the turn of Hiscox Ltd to announce how it fared in the first quarter of 2019. In a release this morning, the Bermuda-headquartered specialist insurer said its gross written premium (GWP) reached US$1.2 billion in the three months ended March 31. In nominal terms, the figure represents a 0.6% increase; at constant currency, 3.3%. Broken down into units, both Hiscox Retail and Hiscox London Market registered higher GWP figures – at US$593.3 million and US$228.6 million, respectively – for the period. Hiscox Re & ILS, on the other hand, posted a 5.6% nominal decline to US$342.8 million. Under the retail operations, the biggest growth in GWP came from Hiscox Asia, which saw a 37.8% jump to US$8.8 million. The amount includes the recognition of premium controlled by DirectAsia Thailand which is written via an agency relationship into Hiscox Insurance Company (Bermuda). For management purposes, Hiscox Asia was presented on a normalised basis.

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