Retail focus stabilizes Hiscox
Specialist insurer Hiscox has grown its retail business, helping to stabilize its 2017 results.
Hiscox delivered a profit before tax excluding FX (foreign exchange) of £93.6 million in 2017 despite reserving net $225 million for claims in a historic year for natural catastrophes, the company said.
Hiscox Retail now accounts for 56 percent of the group's GWP (gross written premium) and its profits exceeded £100 million for the second consecutive year. Hiscox USA remains the “standout performer” with premium growth of 29 percent in constant currency.
"Our long-held strategy of balance has served us well this year,” said Hiscox CEO Bronek Masojada. “The strong growth and profits in retail countered the volatility felt in our big-ticket businesses which were impacted by a historic year for natural catastrophes,” Masojada noted.
Hiscox London Market reduced premiums by 20 percent but is now set to grow again as rates rise following the hurricanes, earthquakes and wildfires in the second half of 2017.
Hiscox Re & ILS was profitable, in a costly year for reinsurers, due to “good” underwriting on behalf of Hiscox and third-party capital providers. ILS assets under management are now at $1.5 billion.
Hiscox’s group combined ratio deteriorated to 99.9 percent in 2017 from 84.2 percent in 2016. Gross written premium increased by 6.1 percent year on year to £2.55 billion.
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