Hiscox's Trading Statement (available here in full) for the nine months ending 30 September revealed that the group's premium increased nearly 7% to US$3,759million.
Concentrating upon the London Market and Hiscox Re & ILS divisions as they are most relevant to Members on syndicates 33 and 6104 the following points were mentioned:-
Hiscox London Market
Premium up by 18.1% to c.US$677m - growing stronger than it was at 30th June. The best classes of business being marine, energy and speciality and property and terrorism.
Average rate increases of +8% although some areas such as cyber and D&O are seeing decreases albeit after several years of rate increases.
Overall since 2018, cumulative rate increases of 72%.
Hiscox RE & ILS
Premium up by c24% - again, growing stronger than at 30th June - as the division expanded into the hard market.
Average rate increase of +32% on a risk adjusted basis and the cumulative rate increases now stand at 91% since 2018.
The portfolio was improved and the attachment profile increased materially.
Busy year for natural catastrophe losses but "within budget".
Estimate for losses from the Russia/Ukraine conflict (mostly IBNR) remain largely unchanged.
+US$201million being +2.8% year to date as opposed to -4.2% at the same time last year.
Assets under management US$7.7billion.