Hiscox claims still benign

25th Jan 2010 07:23

Underwriter Hiscox reports its catastrophe losses have remained 'particularly benign' since November with no significant losses in the US and European claims greatly improved. The cold weather sparked a small amount of small amount of activity, it added.Reinsurance rates on premium fall by between 5-7% in the January renewal season, in line with its expectations given the low level of catastrophe claims in 2009. "Reinsurance accounts for around a third of the group's gross written premium, and rates at these levels continue to offer attractive margins," Hiscox added.The investment portfolio returned approximately 7.2% in 2009, with a strong performance in the fourth quarter. The value of the portfolio at the end of the year was approximately £2.6bn.