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International specialist insurer Hiscox (LON:HSX) saw its share price fall by 6.53%, to 1,538.50p (as of 11:25 GMT), on the back of a trading update that covers the nine months to 30th September. Despite a 14.3% increase in gross written premiums, the amount of claims increased, driven by a larger number of natural disasters during the third quarter.
Chief executive Bronek Masojada said: “We have had strong growth, but as the market remains challenging, we will remain disciplined, and I expect our growth to moderate over the balance of the year. It has been an active third quarter for claims across the Group, both from large losses and catastrophes, and I am pleased with how we have responded.”
“Hiscox Retail continues to benefit from investment in the brand, and we were pleased to welcome our one millionth retail customer. Our new European subsidiary is fully operational and expected to start writing business from 1 January 2019“.