May 07, 2019
Hiscox Syndicate 33 and 6104 latest estimates and press release
Hiscox Ltd has announced the latest estimates for its syndicates 33 and 6104 as follows:-
2017 Year of Account
| Syndicate | Latest estimate at 31 March 2019 | Previous estimate |
| 33 | (10%) to 0% | (10%) to 0% |
| 6104 | (40%) to (30%) | (35%) to (25%) |
2018 Year of Account
| Syndicate | Latest estimate at 31 March 2019 | Previous estimate |
| 33 | (10%) to 0% | (10%) to (0%) |
| 6104 | (60%) to (50%) | (50%) to (40%) |
Hiscox Ltd has also today released their Q1 Trading Statement, highlights of which are as follows:-
- Hiscox London Market, rates have increased across the portfolio by approximately 4% year to date as the two consecutive years of heavy market losses and Lloyd's 'Decile 10' directive continues to drive rate improvement in the majority of classes.
- Double digit rate rises seen in cargo, marine hull and US public company Directors and Officers' (D&O)
- Reinsurance rate improvement has been more incremental due to the abundance of capacity. Hiscox Re & ILS, rates up by approximately 2% across the portfolio with the highest increases seen in the retrocession market. US catastrophe-exposed business rates are up low-single-digits.
- International book rates are down in aggregate, despite increases of more than 25% on loss-affected Japanese business in April renewals.
- Hiscox Re & ILS, has seen some deterioration on Typhoon Jebi and the risk excess book. Consequently, the aggregate reserve development is expected to be at the lower end of the normal range.
- Gross written premiums in London market business grew by 5.3% in constant currency to $228.6m (2018: $219.8m). Significant growth has been seen in marine liability, product recall, cyber and general liability, where Hiscox have launched two innovative consortia. Both of which have been well received by brokers.
- Hiscox Re & ILS, gross written premiums down by 4.6% in constant currency to $342.8m (2018:$363.1m) - main driver being a reduction in capital available to be deployed by ILS funds following significant losses last year.
- Hiscox Re & ILS has adjusted their view on excess risk and the wildfire market and have taken action to increase rates and reduce exposure on some business. Loss-affected Florida business will renew mid-year and although rate improvement is expected it is not known if this will adequately reflect the cost of the risk.
Click here to view the full press release.