Hiscox UK sees growth while group experiences slight dip
Hiscox’s interim management statement for the first nine months of the year to 30 September 2010 has revealed its UK retail business premium income has grown by 8.9% to £249.1m (2009: £228.7m) with the direct business growing by 22%.
Overall, Hiscox's gross written premiums year on year dropped slightly to £1,205.3m (2009: £1,212.2m).
The group said it reduced its London Market premium income as planned by 13.9% to £495.8m (2009: £575.7m).
It stated that it had continued to cut back in areas where rates that were weak, mainly US property insurance lines and big-ticket professional indemnity, and that it was ready to expand in offshore energy where market conditions were anticipated to improve after the Deepwater Horizon loss
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