Hamilton, Bermuda (5 May 2021) - Hiscox Ltd (LSE:HSX), the international specialist insurer, today issues its trading statement for the first three months of the year to 31 March 2021.
- Group gross written premiums up 6.3% to $1,256.6 million, as strong growth in Hiscox London Market, Hiscox Europe and direct and partnerships business more than offset planned reductions in the US broker channel.
- Good performance in Hiscox Retail with gross premiums up 8.6% (3.7% in constant currency) in a challenging operating environment.
- Strong growth in direct and partnerships, with premiums up 22.1% (16.8% in constant currency) and the US growing gross premiums 30.1% to $109.2 million.
- UK Retail remains resilient with premiums up 8.2% (1.8% in constant currency), reflecting strong renewals and growing customer numbers.
- Excellent top-line performance in Hiscox Europe up 20.4% (10.1% in constant currency) led by Germany, Benelux and Iberia.
- Hiscox London Market continues to perform well, benefitting from favourable rate momentum, with rates up 13% across the portfolio and premiums up 9.3%.
- Hiscox Re & ILS achieved good rate growth at both the January and April renewals; net premiums grew 35.6% as we retained more risk.
- Investment return of $20.7 million, or 1.1% on an annualised basis.
- New leadership in Hiscox USA and Hiscox Europe.
- $47 million net reserved for the North American winter storm Uri.
- Good progress on course correction actions across the Group with US broker portfolio repositioning on track.
- No change to previously-disclosed estimates for claims related to Covid-19 in 2020 and 2021.
Bronek Masojada, Group Chief Executive Officer, commented:
"The year has got off to a good start as rates continue to strengthen in all areas. Our big-ticket businesses are benefitting from improved conditions and strong market positions. Our Retail businesses continue to benefit from the shift to digital trading."
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