Reinsurance rates decline predicted next month
Hiscox has grown gross premium income in the London market by 15.9% to £209.5m in the first three months of this year.
The growth was driven by property and speciality lines, the company reported this morning. Its marine and energy business also performed well during the important renewal of the International Group of P&I Clubs.
Reinsurance lines are ahead of budget as the business used more of its capacity early in anticipation of softer rates later in the year.
Across the group, Hiscox’s gross written premium grew by 12.3% to £506.1m.
“Fortune has favoured the industry this quarter. For Hiscox, the absence of any catastrophes and growth in profitable lines has delivered a very good start to the year. We are in a good position to benefit from rate rises in the US casualty market and it is pleasing to see substantial growth here,” said chief executive Bronek Masojada (pictured).
Hiscox predicted that reinsurance rates would decline during the June and July renewals.
“Rates in other product lines are mostly either broadly stable or improving gently, particularly in the US. The exceptions are commercial lines in UK and Europe which remain under pressure, with similar marginal falls in aviation, upstream energy and terrorism insurance,” it said.
No comments yet