May 5, 2020 / 3:55 PM / a month ago

BRIEF-Hiscox Says Qtrly Gross Written Premiums Grew By 2% In Constant Currency To $1,181.8 Mln

May 5 (Reuters) - Hiscox Ltd:

* HISCOX LTD TRADING STATEMENT

* QTRLY GROSS WRITTEN PREMIUMS GREW BY 2% IN CONSTANT CURRENCY TO $1,181.8 MILLION (2019: $1,164.7 MILLION)

* HAVE NO MATERIAL EXPOSURE TO LINES SUCH AS TRADE CREDIT INSURANCE WHICH ARE HEAVILY IMPACTED BY COVID-19.

* UNABLE TO ACCURATELY FORECAST OUTLOOK FOR 2020

* HAVE WITHDRAWN ALL FINANCIAL GUIDANCE FOR 2020 UNTIL THERE IS MORE CLARITY.

* REMAIN CONFIDENT IN OUR ABILITY TO RETURN TO OUR NORMAL 90-95% COMBINED RATIO TARGET RANGE FOR RETAIL BUSINESS IN 2022

* IN Q1, HISCOX HAS SEEN CONTINUED GROWTH IN RETAIL AND LONDON MARKET DIVISIONS. HISCOX RE & ILS REMAINED CAUTIOUS

* HISCOX LONDON MARKET IS EXPECTED TO CONTINUE TO HARDEN, DRIVEN BY FURTHER CAPITAL CONTRACTION DUE TO UNCERTAINTY FROM COVID-19.

* IN APRIL, HISCOX RETAIL EXPERIENCED A REDUCTION IN NEW BUSINESS, RESULTING IN A MODERATE SLOWDOWN IN PREMIUM GROWTH

* EXCLUDING IMPACT OF COVID-19, CLAIMS FOR HISCOX RETAIL WERE IN LINE WITH EXPECTATIONS IN Q1

* WE WELCOME POSITIVE STEPS BY FCA TO RESOLVE DISPUTES IN INDUSTRY OVER APPLICATION OF PROPERTY POLICIES RELATING TO BUSINESS INTERRUPTION Source text for Eikon: Further company coverage:

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