LONDON (dpa-AFX) - Bermuda headquartered Hiscox (HSX), a global specialist insurer, on Thursday reported 10% growth in gross premiums written in the first quarter at $1,386.3 million versus $1256.6 million in the previous period. It was helped by the good performances in Re & ILS and Retail digital partnerships and direct (DPD).
Hiscox Re & ILS recorded a growth of 45.8 percent during the period. Investment activities resulted in a loss of $119.4 million, versus a profit of $20.7 million in the previous period, as a result of unrealised losses in bond portfolio due to higher interest rates. Natural catastrophe losses are within the first quarter budget and in line with the company's expectations, the company said.
Though the losses from the conflict in Ukraine incurred in the first quarter were minimal, the company said it has reserved circa $40 million net of reinsurance for expected losses mainly through the political violence, war and terror (PVWT) portfolio.
The company also clarified that the impact of Russian sanctions on the Group was minimal. There was no change to previously-disclosed estimates for claims related to Covid-19.
Shares of Hiscox are currently trading at 947.80 pounds, down 9 pounds or 0.94 percent from the previous close.
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