April 28 British insurer Hastings Group Plc
reported on Friday a 26 percent rise in first-quarter
gross written premiums, boosted by a growth in the number of
policies and higher premiums.
The company said premiums had increased across the market
after Britain cut the rate at which compensation payments are
calculated in personal injury claims and that it expected its
business to benefit from the change.
"Our digitally focused business model will allow us to
benefit from increased price comparison website usage as our
agile, data driven pricing enables us to provide the most
competitive deal to more customers searching online," Chief
Executive Gary Hoffman said in a statement.
The company said it was pleased with the strong trading
performance over the first three months of the year, with gross
written premiums rising to 214.7 million pounds ($277 million),
from 171 million pounds a year ago.
Hastings said it was well positioned to continue its
profitable growth and deliver against its set targets.
($1 = 0.7750 pounds)
(Reporting by Esha Vaish and Noor Zainab Hussian in Bengaluru;
Editing by Amrutha Gayathri)