Hiscox and Beazley released their Q1 trading statements this week.  Hiscox saw a 11.8% increase in gross written premiums compared to Q1 2021, while Beazley grew premiums 27% compared to the same period last year.

Hiscox Group

 

Gross Written Premiums to 31 March 2022

Gross Written Premiums to 31 March 2021

Growth in USD

Growth in constant currency

 

US$m

US$m

%

%

Hiscox Retail

$670.8

$663.9

1.00%

4.00%

Hiscox London Market

$294.5

$303.9

-3.10%

-3.50%

Hiscox Re & ILS

$421.0

$288.8

45.80%

45.10%

Total

$1,386.3

$1,256.6

10.30%

11.80%

 

Beazley plc

 

Gross Written Premiums to 31 March 2022

Gross Written Premiums to 31 March 2021

% increase/ (decrease)

Year to date Rate change

 

$m

$m

%

%

Cyber & Executive Risk

342

232

47%

49%

Digital*

47

32

47%

19%

Marine

94

100

-6%

5%

Market Facilities

71

42

69%

6%

Political, Accident & Contingency

106

84

26%

3%

Property

130

113

15%

6%

Reinsurance

93

97

-4%

13%

Specialty Lines*

346

271

28%

5%

OVERALL

1,229

971

27%

17%

 

GWP/Rates

 

Hiscox achieved the vast majority of their growth in their ILS/Reinsurance portfolio, with premiums increasing 45.1% on a constant currency basis. Hiscox reported 10% average rate increases on this portfolio driven by continued capacity constraints on the retro and North American catastrophe market. Hiscox London Market decreased premium by 3.5% despite achieving rate increases of 8% on portfolio. The decrease is related to continued remediation of the book and a deliberate reduction in catastrophe business it felt was under-priced.

Beazley by contrast shrunk its reinsurance portfolio by 4% despite strong rates increases of 13% on the portfolio. It continued to show restraint in a rating environment it believes is still below expectations. Cyber continues to grow thanks to strong rating environment with rate change of 99% on the cyber and tech portfolio.

Ukraine

Hiscox has reserved c. $40m net of reinsurance for losses arising from the conflict in Ukraine, this is predominately on the property and marine exposures in Ukraine written through Hiscox London Markets and a small amount in Hiscox Re & ILS. Hiscox London Market exited aviation and political risk business in 2017 and 2018 respectively.

Beazley has set reserves at $50m net of reinsurance predominately on its political violence, trade credit, aviation and marine portfolios. This figure does not however include losses arising from any potential claims stemming from aircrafts stranded in Russia, given the complex nature and the uncertainty of the outcome at this time Beazley believes this is the best course of action.

 

To see full trading statements please follow links below

Hiscox: Q1 2022 Trading Statement | Hiscox Group

Beazley: REG - Beazley PLC -Trading Statement (investis.com)