Hiscox chair hails discipline as GWP dips in first quarter
Hiscox has announced it had had "a good start to the year", acclaiming that its strategy of growing specialist regional businesses to balance the more volatile international business is working.
In the first three months of 2008 Hiscox UK and Hiscox Europe saw increases in gross written premiums of 13% and 29% respectively. Hiscox Global Markets and Hiscox International reduced, and overall, premium income is down by 10% to £321.3m from £358.4 in the first three months of last year.
Hiscox's fledgling Bermudian operation saw GWP drop by 38% to £30.9m, down from £48.9m a year earlier. However, the US operation saw premiums jump 43% to £5.7m, up from £4m a year earlier.
Robert Hiscox
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