Hiscox Syndicate 33 and 6104 latest estimates and press release

Financial 2860753 640
7 May, 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.