Advertise here, Reinsurance News


Reinsurance News

Hiscox H1 profits jump following growth in written premiums

30th July 2018 - Author: Charlie Wood

Lloyd’s of London underwriter Hiscox experienced “a good start to the year” as its pre-tax profits surged 27% from $129.1 million in H1 2017 to $163.6 in H1 2018, driven by a strong 21% growth in written premiums.

Hiscox logo“Our investment across the business is driving strong profitable growth in all segments,” commented Bronek Masojada, Chief Executive Officer, Hiscox. “We are on track to exceed one million retail customers in 2018.”

Gross premiums written reached $2,228 million in H1 2018, up from $1,836 million a year ago. However, this growth is expected to slow and eventually level out.

“We are seeing momentum behind rate increases begin to slow and we expect our rate of premium growth to decline correspondingly,” explained Chairman of Hiscox, Robert Childs.

Additionally, good underwriting resulted in an improved combined ratio of 88%, whilst a reduction in loss estimates for 2017 catastrophes saw reserve releases increase to $154 million.

Childs remained cautious, however, stating, “It has been a good start to the year, but hurricanes can blow us off course in the second half.”

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
California’s Carr wildfire continues to spread, marking worst season in decade

The Carr wildfire, which hit Shasta county in Northern California last week, has claimed at least six lives and destroyed...