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Underwriter Hiscox's 9-month gross written premiums rise 14.3 pct
November 7, 2016 / 7:32 AM / in a year

Underwriter Hiscox's 9-month gross written premiums rise 14.3 pct

Nov 7 (Reuters) - Lloyd’s of London underwriter Hiscox Ltd said its gross written premiums for the first nine months jumped more than 14 percent in local currency, driven by strong performance across all its businesses.

Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said gross written premiums rose to 1.86 billion pounds ($2.31 billion) in the nine months ended Sept. 30, from 1.54 billion pounds a year earlier.

The underwriter, which earns the bulk of its revenue overseas, benefited from the fall in the value of the pound against the dollar and the euro after Britain’s vote to leave the European Union, with gross written premiums in reported currency rising 20.9 percent.

Hiscox said a loss from Hurricane Matthew would be within its expected catastrophe loss budget for the year, adding that it had set aside $35 million to cover claims and reduced profit commissions from the event. ($1 = 0.8046 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)

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