Hiscox reported a boost to its gross written premiums in a trading statement today, despite having to navigate "more difficult markets in bigger ticket lines".
The insurer announced that total gross written premiums had grown to £640.5m for the three months ending March 2016, up 14 per cent on a reported basis from £561.7m the year before.
Growth was particularly strong in Hiscox USA, where gross written premiums grew to £85.4m, up 37.1 per cent to £62.3m, with the professional liability and cyber lines performing especially strongly.
"We've had a very good start to the year," said Bronek Masojada, group chief executive. "Our retail businesses continue to do well, growing in both broker and direct-to-consumer channels. We are navigating more difficult markets in bigger ticket lines; retreating where competition is eroding margins and growing where we see opportunity."
The company also noted in the statement that "a combination of a lack of major loss events, excess industry capital and increased competition" had placed pressure on rates.
At time of writing, shares in the company were trading up 1.8 per cent at 946.5p.
10 May 2016 @ 12:30pmHiscox Ltd (HSX)