Hiscox delivers double-digit rise in gross written premuims

4th Nov 2013 07:12

- Gross written premiums up over 10 per cent- Solid growth at its insurance business - Sees good opportunities for 2014 and beyondBermuda-based specialist insurance and reinsurance group Hiscox said gross written premiums increased over 10 per cent year-on-year, driven by solid growth in its insurance business. Gross written premiums climbed 10.1% to £1,370.5m for the nine months to September 30th. Results also benefited from a low level of catastrophe and attritional losses, the group explained.The company added that increased competition and a benign claims environment has continued to put pressure on rates in reinsurance. The group reiterated that in response to these pressures, it would continue to reduce exposure appropriately, and develop new opportunities in the ILS space. Hiscox's Chief Executive Bronek Masojada said: "Our insurance business has seen good growth at both the top and bottom line, and we continue to underwrite reinsurance at the right price."We have diversity by product and geography and see good opportunities for 2014 and beyond." CJ