Lloyd's of London underwriter Hiscox has said its gross written premiums for the first nine months rose nearly 13 per cent, driven by a strong performance in its US and London markets as well as a lack of natural calamities.
Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said gross written premiums rose to £1.53 billion in the nine months ended Sept. 30, from £1.36bn a year earlier.
The underwriter also said it benefited from good risk selection and a lack of storms, floods and hurricanes in the period.
Based on early estimates, Hiscox said it expected net claims of $10 million from the explosion in the Port of Tianjin in August, and that it had limited exposure to the Californian wildfires in September and the more recent South Carolina floods.
Hiscox UK and Europe has put aside net €5 million for the October floods in the south of France, the company said.
Hiscox's London Market increased gross written premiums by 16.9 per cent in local currency to £453.4m, while gross written premiums at Hiscox USA rose 17.1 perc ent to $321.4 million.
The company also said it was considering raising some subordinated debt to bolster its balance sheet and support its growth plans. Hiscox did not disclose how much fresh debt it could look to raise.
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