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Interview: Errors and omissions (E&O) business and benign claims conditions helped Hiscox hit Pounds 506.1m gross premium for 2013's first quarter, Hiscox CEO Bronek Masojada tells Reactions.
Hiscox's gross written premium grew by 12.3% to Pounds 506.1m in the first quarter of 2013, compared to Pounds 450.7m in the same period of 2012.
The UK insurer said this was driven by local errors and omissions business globally, internationally traded property insurance and reinsurance and a very benign quarter for claims.
Bronek Masojada, chief executive, commented: "For Hiscox, the absence of any catastrophes and growth in profitable lines has delivered a very good start to the year.
"We are in a good position to benefit from rate rises in the US casualty market and it is pleasing to see substantial growth here," he added.
Rates in reinsurance remained mostly healthy on business bound in the first quarter, including some rises on business impacted by Superstorm Sandy.
Japanese earthquake rates during the April 1 renewals were only a few percent lower than risk-adjusted historic highs.
Nonetheless increased competition from the capital markets, and a continued benign claims environment are beginning to have an impact on rates in reinsurance.
Rates are expected to decline during the June and July renewals. Masojada told Reactions: "This quarter has been very benign and that has been good for the industry but is also creating some of the challenges going forward. Insurers can afford to be a bit more aggressive.
"I was...