Hiscox Ltd Trading Statement Q1 2024

Hiscox Ltd has issued its Q1 2024 Trading Statement

Click here for the full Statement.

Key points:-

• Group gross premium increased over 2023 Q1 by 8.3% to US$1.537bn
• Hiscox London Market business declined by c.5% as the Syndicate cut back on binders and wrote more open market business. Average rate increase 3% - cumulative rate increases of 76% since 2018. Cyber and D&O continued to decline albeit rate reductions are now moderating.
• Hiscox Re & ILS (property catastrophe business) grew its income by 19%. Rates increased marginally by 2% - cumulative rate increases of 94% since 2018.

Claims experienced during Q1 were within expectations: the Baltimore bridge event - Hiscox says that its London Market business participates on the reinsurance of the International Group of P&I Clubs - expect a moderate net loss with no direct exposure to the port's BI policy or the bridge's property policy.

Aki Hussain, Chief Executive Officer, Hiscox Ltd, commented: “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.”