Hiscox Re, the reinsurance business and third-party capital platform of specialist insurer Hiscox, has reported insurance contract written premiums (ICWP) of $527.1 million for Q1 2026, an increase of 7.1% from $492.2 million in Q1 2025.
According to the firm, this improvement was driven by new third-party capital inflows ahead of the January renewals.
As guided in its 2025 full‑year results, Hiscox Re’s net ICWP declined 5.6% to $209.7 million in the opening quarter of the year, reflecting falling property catastrophe reinsurance rates and the business’s decision not to increase net natural catastrophe exposure at this stage of the cycle.
This was partially offset by growth in pro-rata and specialty lines.
Rates reportedly remained under pressure during Q1 2026, declining by 13%, with a further modest reduction at the April renewals alongside some softening in terms and conditions.
Despite this, pricing continues to be viewed as broadly adequate overall. At the 1 January renewals, 83% of business was rated adequate or better, according to disclosures in the 2025 full-year results, following cumulative rate increases of 65% since 2018.
Hiscox Re’s ILS assets under management rose to $2.4 billion as of 1 April 2026, supported by approximately $1 billion in capital raised from new investors.
“The new AUM will support modest growth in ICWP, as the majority is flowing into our catastrophe bond fund. Investments into our catastrophe bond fund are expected to generate modest additional fee income in 2026 but do not support written premiums. The pipeline for further alternative capital inflows remains robust,” Hiscox explained.
Across the group, Hiscox reported ICWP of $1.717 billion for Q1 2026, an increase of 10.2% from $1.558 billion in the prior-year period.
The growth was driven by continued momentum in Hiscox Retail, disciplined expansion in big-ticket business, and the aforementioned improvement within Hiscox Re.
Hiscox Retail ICWP increased 8.0% in constant currency terms to $847.2 million, with growth accelerating across all business lines.
Meanwhile, Hiscox London Market expanded to $342.8 million, meaning all three business segments delivered top-line growth during the quarter.
Aki Hussain, Chief Executive Officer, Hiscox, commented, “Hiscox is building on strong momentum delivered in 2025, through capturing diverse, high-quality growth opportunities across each of our businesses.
“Hiscox Retail growth accelerated to 8.0%, as initiatives to broaden distribution, increase penetration in specialist niches, and expand specialty expertise into new markets continue to gain strong momentum.
“In big-ticket, we are proactively managing the softening cycle, while achieving growth through new business initiatives and in selected existing lines where conditions are more favourable.
“With our sharp focus on profitable growth and good progress on the change programme objectives, the outlook for 2026 is positive.”
