Jul 30, 2018
Hiscox Syndicates 33 & 6104 latest forecasts
Hiscox has today released the latest estimates for its managed syndicates 33 and 6104 for the 2016 and 2017 accounts, as follows:
Syndicate 33
| Current Estimate as at 30 June 2018 | Previous Estimate as at 31 March 2018 | |
| 2016 account | (5%) to 5% | (5%) to 5% |
| 2017 account | (10%) to 0% | (15%) to (5%) |
Syndicate 6104
| Current Estimate as at 30 June 2018 | Previous Estimate as at 31 March 2018 | |
| 2016 account | 30% to 40% | 20% to 30% |
| 2017 account | (40%) to (30%) | (45%) to (35%) |
In addition to the latest syndicate estimates, Hiscox has published its Interim Management Statement for the six months ended 30 June 2018.
Highlights
- Strong growth in gross premiums written of 21%, with all segments contributing.
- Good underwriting drives improved combined ratio of 88%.
- Profit before tax up by 27% to $164 million with Hiscox Retail contributing over half.
- Reducing loss estimates for 2017 catastrophes drive increase in reserve releases to $154 million, reflecting their prudent approach to reserving.
- On track to exceed one million retail customers in 2018.
- They continue to see strong demand for their ILS funds and now have assets under management of $1.6 billion.
- Interim dividend up 5% to 13.25 cents.
Commenting on the results, Bronek Masojada, Chief Executive Officer, Hiscox Ltd, said:
“It has been a good start to the year. Our investment across the business is driving strong profitable growth in all segments. We are on track to exceed one million retail customers in 2018.”
To view the full PDF version, please click here.