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Hiscox 9-month Gross Written Premiums Up 7.3% In CC

Hiscox Ltd (HSX.L), in its trading statement for the first nine months of the year to 30 September 2019, said that gross written premiums grew by 7.3% in constant currency to $3.21 billion, with growth in every segment.

The company said it is on track to meet its full year growth guidance for the retail segment.

Based on an insured market loss of $8 billion for Hurricane Dorian, $10 billion for Typhoon Faxai, and $15 billion for Typhoon Hagibis, Hiscox said it has reserved net $165 million to cover claims resulting from the three events, which is materially in excess of the Group's catastrophe budget for the second half.

In addition, fees and profit commissions are expected to be about $25 million lower at the year-end.

Hiscox UK's gross written premiums grew by 3.6% in constant currency to $560.7 million.

Hiscox USA is returning to a more recognisable growth trajectory, having grown gross written premiums by 5.8% to $647.2 million.

Hiscox Asia grew gross written premiums by 36.1% in constant currency to $28.2 million.

Gross written premiums in Hiscox London Market grew by 9.7% in constant currency to $722.3 million as positive pricing momentum continues in the majority of classes.

Hiscox Re & ILS grew gross written premiums by 6.1% in constant currency to $823.6 million.

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