Edition:
United States

Hiscox Ltd says 9-month ‍gross written premiums up by 12.4 pct to 2.09 bln pounds


Tuesday, 7 Nov 2017 02:01am EST 

Nov 7 (Reuters) - HISCOX LTD :​:9-MONTH ‍GROSS WRITTEN PREMIUMS GREW BY 12.4% TO £2,088.8 MILLION​.‍CLAIMS ARISING FROM MEXICO EARTHQUAKES AND CALIFORNIA WILDFIRES ARE NOT EXPECTED TO BE MATERIAL FOR GROUP​.NOW ESTIMATE COMBINED NET CLAIMS FOR HURRICANES HARVEY, IRMA AND MARIA OF $225 MILLION AGAINST A ESTIMATE US$225 MILLION FOR HARVEY AND IRMA ​."‍WE ARE SEEING SIGNS OF A HARDENING MARKET​".IN LOSS-AFFECTED AND LOSS-EXPOSED US PROPERTY LINES BUSINESS WE ARE SEEING INCREASES OF BETWEEN 10% AND 50% AND SOMETIMES MORE​.‍FOR REINSURANCE, ANTICIPATE DOUBLE-DIGIT INCREASES IN RATES FOR US CATASTROPHE-EXPOSED BUSINESS AT IMPORTANT JANUARY RENEWALS​.‍NEW EUROPEAN INSURANCE COMPANY, HISCOX S.A., HAS BEEN FORMALLY INCORPORATED IN LUXEMBOURG WHERE WE HAVE STARTED TO BUILD A SMALL LOCAL TEAM​.‍SUBJECT TO FINAL REGULATORY APPROVAL, WE ARE ON TRACK TO START WRITING INTO NEW CARRIER IN LUXEMBOURG FROM Q2 2018​.DRAFT BILL SEEKS TO LEVY A 20% EXCISE TAX ON PAYMENTS MADE TO FOREIGN AFFILIATES WHICH COULD HAVE IMPACT ON INTERNAL REINSURANCE ARRANGEMENTS​.