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BRIEF-Hiscox says gross written premiums for 9-mnths up 14.3 pct
November 7, 2016 / 7:28 AM / a year ago

BRIEF-Hiscox says gross written premiums for 9-mnths up 14.3 pct

Nov 7 (Reuters) - Hiscox Ltd :

* Today issues its interim management statement for first nine months of year to 30 September 2016

* Gross written premiums grew by 14.3 pct in local currency to £1858.2 million (2015: £1,536.9 million) with a strong performance across all segments

* In reported currency gross written premiums grew by 20.9 pct, helped by material foreign exchange gains

* Hiscox london market and Hiscox re continue to face difficult trading conditions

* Our retail businesses have performed well in a more stable environment

* Margins are evaporating in some areas of london market, and we are adjusting our underwriting accordingly- CEO

* It was another modest period for claims across Hiscox retail

* Hiscox london market reported a more normal loss experience and thanks to good underwriting Hiscox re avoided significant losses during period

* Based on an insured market loss of $8 billion group set aside net us$35 million to cover claims and reduced profit commissions from hurricane matthew

* Loss is within our expected catastrophe loss budget for year

* We avoided significant exposure to hurricane hermine and louisiana floods

* Across our retail businesses rating environment is mixed Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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