Hiscox Q1 written premiums underpinned by Retail growth

2nd May 2024 08:11

(Sharecast News) - Hiscox reported a rise in first-quarter written premiums on Thursday as it benefited from accelerated growth in the retail segment.

In the three months to the end of March, total insurance contract written premiums increased 8.3% to $1.5bn. Hiscox said this was due to continued capital deployment in Re & ILS and the acceleration of Retail growth since full year 2023.

Hiscox Retail written premiums were up 8.1% to $723.2m, driven by a step up in growth in the UK business, as well as "robust" growth in US DPD and Europe.

These positive drivers were partly offset by continued subdued momentum in the US broker business.

Re & ILS saw a 19% jump in written premiums to $497.4m, while Hiscox London Market saw a 4.9% decline to $316.9m. This was mostly due to non-renewal of certain large binder deals to instead write more open market business, Hiscox said, in line with its strategy to lead more of the business it writes.

Chief executive Aki Hussain said: "A good start to 2024, with our focus on profitable growth continuing to deliver.

"Retail momentum has improved with growth accelerating in Hiscox UK and US DPD as our initiatives achieve targeted outcomes, and solid sustained growth in Hiscox Europe.

"In Hiscox London Market and Hiscox Re & ILS we continue to deploy capital where we see attractive opportunities. The outlook for the year remains positive."