Hiscox Limited saw its shares advance 4.6% today after reporting a 9.3% rise in group gross premiums to US$3,680.2mln for the nine months to 30 September as strong rate momentum continued across all business segments.
The international specialist insurer said Hiscox retail gross premiums increased 7.9% to US$1,768.0mln driven by excellent growth in Europe, a resilient performance in the UK and improved US growth from the levels seen at the half-year stage, as the US broker business returned to growth in the third quarter.
US Digital Partnerships and Direct (DPD) gross premiums increased 9.8%, and are on track to grow in the middle of the 5% to 15% range in 2022, before accelerating to in excess of 15% in 2023, Hiscox said.
Hiscox London Market saw a 6.1% fall in net premiums to US$845.3mln while Hiscox Re & ILS gross premiums surged 32.3% to US$1,066.9mln.
A US$135mln reserve has been set aside to cover losses from Hurricane Ian, the group said.
Aki Hussain, group chief executive officer, commented: “The group has performed well in a complex underwriting environment.”
“Our retail business is on track, with platform migration going well and we look forward to an acceleration of growth in 2023.”