Hiscox increases premiums for Q1, pulls back in reinsurance and ILS
Hiscox reported gross written premiums of $1.18 billion for Q1 2020, an increase of 2 percent in constant currency terms from the premiums written in the same period of 2019.
Premiums written by Hiscox Re & ILS declined to $292.2 million, from $342.8 million in Q1 2019, as planned. Hiscox said it had delivered on its promise to pull back in the face of rate inadequacy, while keeping its powder dry for opportunities later in the year.
Growth was strong in the retail business, driven by the US and Europe.
In its Q1 trading statement, Hiscox said there will be an equity placing for up to 19.99 percent of its issued share capital, to ensure the group was positioned to seize any growth opportunities that present themselves in the US wholesale and reinsurance markets.
Bronek Masojada, chief executive officer, said: “We have managed our investments prudently and our capital position is robust, with an estimated group regulatory solvency ratio at the end of March of 195 percent.”