Underwriter Hiscox says gross written premiums rise
(Reuters) - Lloyd's of London underwriter Hiscox Ltd said its gross written premiums for the first nine months rose nearly 13 percent, driven by a strong performance in its U.S. and London markets and 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 pounds ($2.31 billion) in the nine months ended Sept. 30, from 1.36 billion pounds 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 euros (3.5 million pounds) for the October floods in the south of France, the company said.
Hiscox's London Market increased gross written premiums by 16.9 percent in local currency to 453.4 million pounds, while gross written premiums at Hiscox USA rose 17.1 percent 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.
(Reporting by Noor Zainab Hussain in Bengaluru and Sinead Cruise in London; Editing by Gopakumar Warrier)
