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Hiscox has announced that its reinsurance division Hiscox Re shrank in the first quarter of 2017 when compared to the previous year, as it noted that rates remain under great pressure in certain classes of business.
Overall, the company’s gross written premiums (GWP) grew by 17.3 percent to £751.2 million. However, Hiscox Re saw its GWP fall by 12.4 percent from $279.2 million in the first quarter of 2016 to $269.3 million in the same period of 2017.
Bronek Masojada, Group CEO, said: "We have had a strong start to the year thanks to our long-term investment in Hiscox Retail, particularly in the small business sector. Hiscox London Market continues to face challenging conditions. Hiscox Re and ILS are finding opportunities. We remain disciplined and are carefully navigating our way forward."
Commenting on rates, the company noted that in 2017 so far: “At the important January renewals, Hiscox Re and ILS experienced single-digit rate decreases across the board. Downward pressure was stronger in the international book, while declines in US property reinsurance rates have slowed. In specialty and casualty reinsurance rates are relatively flat.”
The company added that Hiscox Re and ILS grew US catastrophe reinsurance but reduced in retro and casualty business where rates are under more pressure. “Hiscox Re has benefited from good underwriting and a low loss environment. Our strategy of linking innovative products to diverse forms of capital remains a key source of opportunity.”
Hiscox, Insurance, Reinsurance, First quarter 2017 results, Bronek Masojada, London, Bermuda