Hiscox Group has booked a first half loss of $138.9m on GWP of $2,235.5m, compared to a gain of $168.0m on GWP of $2,337.5m for the same period last year. As previously announced, no interim dividend will be paid.
For Hiscox London Market, the insurer said that it had been “an active first half for large claims, even excluding the impact of Covid-19”. The business reported above average large losses, including a large individual marine liability loss.
Hiscox London Market reported aggregate rates up 13% year-to-date across the portfolio. Cargo rates were reported as up by 23%.
In reinsurance, pricing had previously been “underwhelming”, but Hiscox said that the market had begun to harden considerably and that rates were up 11% across the portfolio year-to-date.
There were slight deteriorations in the updates for 2018 and 2019 years of account for syndicate 33.
2018 YOA deteriorated to an estimated range of (9.5%) to 0.5%, from a previous range of (8.5%) to 2.0%
For 2019 the estimated range is now (13.5%) to (3.5%), down from (8.0%) to 2.0%. Hiscox has a 73% share in the £1.4bn capacity syndicate.
Hiscox London Market comprises the internationally traded insurance business written by the Group’s London-based underwriters via Syndicate 33, including lines in property, marine and energy, casualty and other specialty insurance lines, excluding the kidnap and ransom business.