Partly Cloudy

Partly Cloudy

max temp: 17°C

min temp: 12°C

ESTD 1874 Search

Colchester: Insurance group Hiscox reports underlying growth in first quarter revenues

11:00 06 May 2014

Bronek Masojada, chief executive of Hiscox.

Bronek Masojada, chief executive of Hiscox.

Archant

International specialist insurer Hiscox said today that adverse currency changes had added to the challenge of a softening in market conditions during the first quarter of 2014.

The Bermuda-based group, which is listed on the London Stock Exchange and whose UK presence includes underwriting, customer service and claims teams in Colchester, said gross written premiums in the three months to March 31 were 0.9% lower in sterling terms at £501.6m.

In local currency terms, however, Hiscox said gross written premiums were 2.3% up compared with last year’s first quarter, with the strongest growth coming in its United States business which was 20.4% up in sterling terms and 28.5% ahead at local rates.

Hiscox said that, as predicted, rates in reinsurance had continued to decline, with Japanese earthquake rates around 15% lower during the recent renewal season and the US catastrophe market affected by new capital on top of a benign period for claims.

Rates in insurance lines were either broadly stable or softening, the group said, adding: “We have been increasing our risk appetite in areas where rates are healthy particularly in the mid-market catastrophe exposed property business written in the London Market.”

The first quarter saw a “diverse” list of losses, including marine liability, upstream energy and movie production claims. The group also has a small exposure to the loss of Malaysian Airline flight 370 and the Korean ferry disaster.

Claims for the UK floods and storms in 2014 had been reserved at net £10m, up from the £5m incurred by mid-February when the rain was still falling, it added.

Chief executive Bronek Masojada said: “The market is softening, but conditions in many of our insurance lines are good. Our retail businesses continue to benefit from long-term investment in the brand and our acquisition of DirectAsia represents another important milestone.”

Search hundreds of local jobs at Jobs24

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Mark Pendlington.

Plans for a new drive to boost productivity in Suffolk and Norfolk are being drawn up by the New Anglia Local Enterprise Partnership (LEP).

Jane Riley, Kerseys Solicitors.

A solicitor has become a part-owner of the Ipswich law firm she joined 30 years ago.

Wolseley is to axe around 800 jobs.
Photo: Anna Gowthorpe/PA

Plumb Center owner Wolseley is set to axe up to 800 jobs as part of a restructuring that will see it shut 80 branches and a distribution centre.

Big Wave PR and Remembrance Travel receiving their gold award at the  Anglia, Thames and Chiltern PRide Awards.

PR professionals from Essex and Suffolk have been celebrating a string of successes in the Anglia, Thames and Chiltern regional round of the Chartered Institute of Public Relations’ annual PRide Awards.

Suffolk Business Ambassadors on their tour of the Port of Ipswich.

A group of Suffolk business leaders who have accepted the challenge of encouraging more inward investement in the county have been given a behind-the-scenes tour of the Port of Ipswich.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24