Insurer Hiscox says Q1 in line with expectations

LONDON (Reuters) - London-listed insurer Hiscox Ltd. (HSX.L: Quote, Profile, Research, Stock Buzz) said on Monday that it had performed in line with expectations in the first quarter, as increasing competition in big-ticket insurance and reinsurance risks began to bite.

The Bermuda-based firm, which is a market leader in art insurance as well as kidnap and ransom cover, said its premium volume had declined by 10 percent to 321.3 million pounds ($626.9 million) as it wrote less business in its global market and international units due to declining rates.

But it said it had emerged relatively unscathed from the numerous large claims during the period, with only limited exposure to events such as Cyclone Emma and costly Australian mine floods.

It said its cash and investments had remained steady at just over 2 billion pounds, but that its return on investments was 0.5 percent in the quarter.

(Reporting by Simon Challis; Editing by Quentin Bryar)