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BRIEF-Hiscox Ltd says 9-month ‍gross written premiums up by 12.4 pct to 2.09 bln pounds
November 7, 2017 / 7:13 AM / 13 days ago

BRIEF-Hiscox Ltd says 9-month ‍gross written premiums up by 12.4 pct to 2.09 bln pounds

Nov 7 (Reuters) - HISCOX LTD:​

* 9-MONTH ‍GROSS WRITTEN PREMIUMS GREW BY 12.4% TO £2,088.8 MILLION​

* ‍CLAIMS ARISING FROM MEXICO EARTHQUAKES AND CALIFORNIA WILDFIRES ARE NOT EXPECTED TO BE MATERIAL FOR GROUP​

* NOW ESTIMATE COMBINED NET CLAIMS FOR HURRICANES HARVEY, IRMA AND MARIA OF $225 MILLION AGAINST A ESTIMATE US$225 MILLION FOR HARVEY AND IRMA ​

* “‍WE ARE SEEING SIGNS OF A HARDENING MARKET​”

* IN LOSS-AFFECTED AND LOSS-EXPOSED US PROPERTY LINES BUSINESS WE ARE SEEING INCREASES OF BETWEEN 10% AND 50% AND SOMETIMES MORE​

* ‍FOR REINSURANCE, ANTICIPATE DOUBLE-DIGIT INCREASES IN RATES FOR US CATASTROPHE-EXPOSED BUSINESS AT IMPORTANT JANUARY RENEWALS​

* ‍NEW EUROPEAN INSURANCE COMPANY, HISCOX S.A., HAS BEEN FORMALLY INCORPORATED IN LUXEMBOURG WHERE WE HAVE STARTED TO BUILD A SMALL LOCAL TEAM​

* ‍SUBJECT TO FINAL REGULATORY APPROVAL, WE ARE ON TRACK TO START WRITING INTO NEW CARRIER IN LUXEMBOURG FROM Q2 2018​

* DRAFT BILL SEEKS TO LEVY A 20% EXCISE TAX ON PAYMENTS MADE TO FOREIGN AFFILIATES WHICH COULD HAVE IMPACT ON INTERNAL REINSURANCE ARRANGEMENTS​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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