Hiscox gross written premiums broadly level

8th Nov 2010 08:32

Bermuda based specialist insurer Hiscox said gross written premiums in the first nine months of the year were broadly level at £1,205.3m compared to £1,212.2m in 2009.The group said it continues to grow in its local specialty lines and contract in areas where rates are challenging, mainly US property insurance lines and big-ticket professional indemnity. Hiscox said it has benefited from good investment return and a benign claims environment this quarter. "The investment return to 30 September was +3.2%. The prospect of interest rates remaining lower for longer has encouraged investors to seek yield and take more risk," Hiscox said in a statement. Invested assets totalled around £2.7bn at the end of September and its asset allocation has remained largely unchanged since the end of June. The UK retail business grew premium income by 8.9% to £249.1m with the direct business growing by 22%. Hiscox Europe grew by 9.7% to gross written premiums of €119.1m, mainly driven by growth in specialty commercial lines across Europe.Hiscox US continues to grow cautiously, with premium income increasing by 17.6% to $157.5m.