Hiscox Ltd trading statement
Hiscox Ltd (LSE:HSX), the international specialist insurer, today issues its trading statement for the first three months of the year to 31 March 2021 .
Highlights:
Group gross written premiums up 6.3% to $1,256.6 million, as strong growth in Hiscox London Market, Hiscox Europe and direct and partnerships business more than offset planned reductions in the US broker channel.
Good performance in Hiscox Retail with gross premiums up 8.6% (3.7% in constant currency) in a challenging operating environment.
- Strong growth in direct and partnerships, with premiums up 22.1% (16.8% in constant currency) and the US growing gross premiums 30.1% to $109.2 million.
- UK Retail remains resilient with premiums up 8.2% (1.8% in constant currency), reflecting strong renewals and growing customer numbers.
- Excellent top-line performance in Hiscox Europe up 20.4% (10.1% in constant currency) led by Germany, Benelux and Iberia.
Hiscox London Market continues to perform well, benefitting from favourable rate momentum, with rates up 13% across the portfolio and premiums up 9.3%.
Hiscox Re & ILS achieved good rate growth at both the January and April renewals; net premiums grew 35.6% as we retained more risk.
Investment return of $20.7 million, or 1.1% on an annualised basis.
New leadership in Hiscox USA and Hiscox Europe.
$47 million net reserved for the North American winter storm Uri.
Good progress on course correction actions across the Group with US broker portfolio repositioning on track.
No change to previously-disclosed estimates for claims related to Covid-19 in 2020 and 2021.
Bronek Masojada, Group Chief Executive Officer, commented:
“ The year has got off to a good start as rates continue to strengthen in all areas. Our big-ticket businesses are benefitting from improved conditions and strong market positions. Our Retail businesses continue to benefit from the shift to digital trading.”