LONDON (dpa-AFX) - Hiscox Ltd (HSX.L), a specialist insurer, said its gross written premiums for the first quarter grew 0.6 percent to $1.164 billion from $1.157 billion in the same period last year. Growth in constant currency was 3.3 percent.
The company noted that while Hiscox Retail continued its disciplined approach, while Hiscox London Market and Hiscox Re & ILS have been opportunistic, growing where rates are improving most.
In its trading statement for the quarter, the company noted that Hiscox Retail gross premiums climbed 3.2 percent to $593.3 million. Hiscox London Market premiums rose 4.0 percent on a reported basis to $228.6 million. Hiscox Re & ILS premiums declined 5.6 percent to $342.8 million.
Bronek Masojada, Group CEO, said, 'We have done what we said we would do in the first quarter. In retail we continue to pull back in US private company D&O, where conditions are challenging, and the UK business is adapting to a new IT system which will help us capture the long-term opportunity.'
Looking ahead, Hiscox said it expects growth for its retail businesses to trend towards the mid-point of its 5 percent to 15 percent target range in the second half.
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