Insurance giant Hiscox has ring fenced $40m (£32m) to weather expected losses from the war in Ukraine, as it quantifies the hit of the conflict for the first time.
In a trading update today, the London-listed firm said it had reserved the pot through its political violence, war and terror portfolio, but added that the impact of Russian sanctions on the Group is minimal.
It came as Hiscox reported a rise in premiums of 10.3 per cent to $1.39bn on the back of strong growth and a robust performance in its retail digital partnerships unit.
Hiscox boss Aki Hussain said today it had been a solid performance in the first quarter.
“The rate environment remains favourable and both our big-ticket and Retail businesses delivered good underlying growth in areas where we see attractive opportunities,” he said.
“In big-ticket, we continue to position our businesses for strong and sustainable returns by growing where we see opportunity and reducing exposures where we believe risks are under-priced. In Retail, our US and European operations are making good progress in rolling out new technology platforms to support our growth ambitions.
The Lloyd’s of London Insurer said it has enjoyed a boost in underwriting profitability and aims on track to return to 90-95 per cent combined ratio range in 2023.