Hiscox Ltd trading statement
Hiscox published its September trading statement. Highlights (in our view) as follows:-
- group written premiums +3% to US$3,872m
- hurricane Milton estimated net loss of US$75m based on industry insured loss of US$40bn
- 4.3% investment return on portfolio of US$8.4bn
- "Our diversified portfolio has enabled the business to grow where opportunities remain attractive and manage the cycle where conditions are evolving, while maintaining our customary focus on combining growth and earnings momentum."
Hiscox London Market
- written premium down 2.9% with reductions in cyber, D&O, some large binders and cessation of space business
- rate increases of +3% since 1 January
- cumulative rate increases of 75% since 2018
Hiscox Re & ILS
- written premium +4.3% taking advantage of continuing attractive conditions
- rates flat on average with cumulative rate increases of 90% since 2018
- mid year renewals saw some rate reductions in upper layers and on higher quality clients' programmes
- positive expectations for January 2025 renewal rates likely to be reinforced following Helene and Milton
Other
Hiscox started writing terrorism business using its AI enhanced lead underwriting model and also an AI tool business solution in art and private client business - cutting review times of priority submissions from 2.5 days to 2.5 hours.
Any surplus capital will be returned to shareholders after year-end Board review.
The complete Press Release is available here