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BRIEF-Hiscox Q1 gross written premiums up, picks Luxembourg as EU base
May 9, 2017 / 6:18 AM / 4 months ago

BRIEF-Hiscox Q1 gross written premiums up, picks Luxembourg as EU base

May 9 (Reuters) - Hiscox Ltd:

* Q1 gross written premiums grew by 17.3 pct to 751.2 million stg (2016: 640.5 million stg)

* As forecast, Q1 Hiscox London market income is down in constant currency

* Hiscox RE and ILS are finding opportunities - CEO

* Co has had a strong start to year

* “Remain disciplined and are carefully navigating our way forward” - CEO

* Q1 gross written premiums in London Market business were 157.7 million stg (2016: 157.1 million stg)

* Q1 gross written premiums decreased in constant currency by 3.5 pct to $269.3 million (2016: $279.2 million) for Hiscox Re and ILS

* Will establish a new European subsidiary in Luxembourg in response to Brexit

* Hiscox retail business in Europe will be written through this new EU subsidiary

* Existing European business, which comprises over 350 people across seven of EU 27 countries, will continue to operate without interruption

* In Luxembourg a team covering core functions such as compliance, risk and internal audit will be recruited to complement existing structure

* Process of establishment will begin immediately

* Expect to complete restructuring well in advance of March 2019 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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