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United Kingdom

Hiscox Ltd (HSX.L)

HSX.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Hiscox Posts Rise In Quarterly Gross Written Premiums
Tuesday, 7 May 2019 

May 7 (Reuters) - Hiscox Ltd ::HISCOX LTD - QTRLY GROSS WRITTEN PREMIUMS GREW BY 3.3% IN CONSTANT CURRENCY TO $1,164.7 MILLION (2018: $1,157.7 MILLION).HISCOX LTD - EXPECT GROWTH FOR OUR RETAIL BUSINESSES TO TREND TOWARDS MID-POINT OF OUR 5-15% TARGET RANGE IN SECOND HALF.HISCOX LTD - IN RETAIL WE CONTINUE TO PULL BACK IN US PRIVATE COMPANY D&O, WHERE CONDITIONS ARE CHALLENGING- CEO.HISCOX LTD - QTRLY HISCOX RETAIL GROSS WRITTEN PREMIUMS $593.3 MILLION VERSUS $574.8 MILLION AS REPORTED A YEAR EARLIER.HISCOX LTD - QTRLY HISCOX LONDON MARKET GROSS WRITTEN PREMIUMS $228.6 MILLION VERSUS $219.8 MILLION AS REPORTED A YEAR EARLIER.HISCOX LTD - EXPECT GROWTH FOR OUR RETAIL BUSINESSES TO TREND TOWARDS MID-POINT OF OUR 5-15% TARGET RANGE IN SECOND HALF.HISCOX LTD - LONDON MARKET AND IN REINSURANCE CONDITIONS ARE IMPROVING.HISCOX LTD - LIKELY THAT BOUTS OF MARKET VOLATILITY WILL CONTINUE THROUGHOUT YEAR, AND WE WILL REMAIN CONSERVATIVELY POSITIONED.HISCOX LTD - CARGO, MARINE HULL AND US PUBLIC COMPANY DIRECTORS AND OFFICERS' (D&O) HAVE SEEN MOST SIGNIFICANT RATE RISES IN QUARTER.HISCOX LTD - PRICING IN PROPERTY LINES CONTINUES TO FIRM IN QUARTER.HISCOX LTD - PRICING IN CYBER AND TERRORISM REMAINS COMPETITIVE IN QUARTER.HISCOX LTD - IN REINSURANCE, WHERE CAPACITY IS ABUNDANT, RATE IMPROVEMENT HAS BEEN MORE INCREMENTAL IN QUARTER.HISCOX LTD - RATES IN US CATASTROPHE-EXPOSED BUSINESS ARE UP LOW-SINGLE-DIGITS IN QUARTER.  Full Article

Insurer Hiscox's 2018 profit rises more than three-fold
Monday, 25 Feb 2019 

Feb 25 (Reuters) - Hiscox Ltd ::HISCOX LTD FULL YEAR RESULTS.FY PROFIT BEFORE TAX TRIPLED TO $137.4 MILLION.FY GROSS PREMIUMS WRITTEN GREW BY 15.0%."RATES DID NOT RESPOND AS MUCH AS WE FEEL THEY SHOULD HAVE FOLLOWING LOSSES ARISING FROM HURRICANES HARVEY, IRMA AND MARIA IN 2017".A FINAL DIVIDEND OF 28.6¢, WHICH IS AN INCREASE OF 5.2% FOR FY."ALTHOUGH REINSURANCE MARKET DID NOT HARDEN AS MANY HAD HOPED, RETROCESSION MARKET DID BECOME MORE SENSIBLY PRICED".FY COMBINED RATIO WAS 94.9% (2017: 99.9%).FY POST-TAX RETURN ON EQUITY WAS 5.6% (2017: 1.5%)..BOB THAKER WILL SUCCEED STEVE AS HISCOX UK CEO IN Q1 OF 2019, AND WE HAVE BEGUN SEARCH FOR HIS REPLACEMENT..ADAPTING TO BREXIT COST HISCOX APPROXIMATELY $15 MILLION IN ONE-OFF COSTS, MAJORITY OF WHICH WERE INCURRED DURING 2018.AN EXPECTED ONGOING COST OF $2.4 MILLION PER ANNUM FROM BREXIT.BREXIT PREPARATIONS LED TO AN INCREASE IN REQUIRED CAPITAL OF APPROXIMATELY EUR 100 MILLION, AROUND HALF OF WHICH WILL MODERATE OVER TIME.PART VII LEGAL PROCESS PROVIDES CERTAINTY TO CUSTOMERS THAT CO CAN LEGALLY PAY ALL VALID CLAIMS, EVEN IN A HARD BREXIT SCENARIO.IN 2019 , CO WILL WORK WITH LLOYD'S AS THEY COMPLETE THEIR PART VII TRANSFER.  Full Article

Hiscox Says Brexit Is A Huge Structural Change For Insurance Industry - Call
Monday, 5 Nov 2018 

Nov 5 (Reuters) - Hiscox Ltd ::HISCOX CEO SAYS U.S. GROSS WRITTEN PREMIUM GROWTH WILL BE LOWER IN Q4 VERSUS LAST YEAR.HISCOX SAYS BREXIT IS A HUGE STRUCTURAL CHANGE FOR THE INSURANCE INDUSTRY.HISCOX SAYS BRITISH INSURANCE INDUSTRY IS READY FOR A HARD BREXIT.HISCOX SAYS DEMAND GROWING FROM SMALLER BUSINESSES FOR FLOOD INSURANCE.  Full Article

Hiscox Says Nine Months Gross Written Premiums Up 14.3 Pct To $3.04 Bln
Monday, 5 Nov 2018 

Nov 5 (Reuters) - Hiscox Ltd ::HISCOX LTD - NINE MONTHS GROSS WRITTEN PREMIUMS INCREASED BY 14.3% TO $3,043.1 MILLION (2017: $2,663.2 MILLION).HISCOX LTD - AS MARKET REMAINS CHALLENGING, WE WILL REMAIN DISCIPLINED, AND I EXPECT OUR GROWTH TO MODERATE OVER BALANCE OF YEAR- CEO.HISCOX LTD - HAS BEEN AN ACTIVE Q3 FOR CLAIMS ACROSS GROUP, BOTH FROM LARGE LOSSES AND CATASTROPHES- CEO.HISCOX LTD - OUR NEW EUROPEAN SUBSIDIARY IS FULLY OPERATIONAL AND EXPECTED TO START WRITING BUSINESS FROM 1 JANUARY 2019- CEO.HISCOX LTD - WAS IMPACTED BY CATASTROPHES IN US AND FAR EAST.HISCOX - RESERVED NET $125 MILLION TO COVER CLAIMS AND REDUCED PROFIT COMMISSIONS RESULTING FROM HURRICANES FLORENCE AND MICHAEL, TYPHOONS JEBI AND TRAMMI.HISCOX LTD - HAS SEEN A LARGE MARINE LOSS OF $13 MILLION.HISCOX LTD - GIVEN ON-GOING ECONOMIC AND GLOBAL POLITICAL TENSIONS, WE EXPECT OUR FULL YEAR INVESTMENT RETURN TO BE SUBDUED.HISCOX LTD - ALREADY UTILISING NEW LLOYD'S BRUSSELS SUBSIDIARY AND OUR PART VII PLANS ARE ON TRACK.HISCOX - OUR PLANS HAVE ALWAYS ASSUMED A WORST-CASE SCENARIO 'HARD BREXIT' AND WE ARE PREPARED, IRRESPECTIVE OF OUTCOME OF GOVERNMENT'S NEGOTIATIONS.HISCOX LTD - FINANCIAL IMPACT OF RE-ORGANISING BUSINESS IN PREPARATION FOR BREXIT IS $15 MILLION ACROSS GROUP IN 2018.HISCOX LTD - WILL INJECT INCREMENTAL CAPITAL OF APPROXIMATELY EUR 40 MILLION IN NEW BREXIT ENTITY.  Full Article

Hiscox Mean Gender Pay Gap 31.1 Pct, Mean Bonus Gap 71.1 Pct
Tuesday, 13 Mar 2018 

March 13 (Reuters) - Hiscox Ltd ::HISCOX LTD - MEDIAN HOURLY PAY GAP IN UK IS 26.2%, OR ON A MEAN BASIS, 31.1%- 2017 UK GENDER PAY REPORT.HISCOX LTD -PAY GAP IS DRIVEN BY HAVING FEWER WOMEN AT SENIOR LEVELS AT HISCOX.HISCOX LTD - REPORTED A MEDIAN BONUS GAP OF 49.5%, OR ON A MEAN BASIS 71.1% IN 2017.  Full Article

Average Global Insurance Pricing Rose In Q4 For The First Time Since 2013- Marsh
Wednesday, 28 Feb 2018 

Feb 28 (Reuters) - Marsh:MARSH- AVERAGE GLOBAL INSURANCE PRICING INCREASED IN Q4 2017 FOR THE FIRST TIME SINCE Q1 2013.MARSH- PRICE RISE DRIVEN LARGELY BY GLOBAL PROPERTY INSURANCE PRICING, AFFECTED BY LARGE CATASTROPHE LOSSES IN Q3.MARSH- AVERAGE COMMERCIAL INSURANCE PRICING INCREASED BY 0.8% IN Q4 2017, COMPARED TO A DECREASE OF 1.9% IN Q3 2017.MARSH- GLOBALLY, PROPERTY INSURANCE PRICING INCREASED 3.2% IN Q4 2017, COMPARED TO A 2.4% DECREASE IN THE PREVIOUS QUARTER.MARSH- REGIONALLY, AVERAGE INSURANCE PRICING INCREASED IN THE UK, LATIN AMERICA AND AUSTRALIA IN Q4 2017.MARSH- US CYBER INSURANCE PRICING INCREASED FOR THE FIRST TIME IN Q4 2017 SINCE Q4 2016.MARSH- AVERAGE INSURANCE PRICING DECREASED IN THE US, CONTINENTAL EUROPE, AND ASIA.  Full Article

Hiscox's FY profit slumps after catastrophic 2017
Monday, 26 Feb 2018 

Feb 26 (Reuters) - Hiscox Ltd ::FINAL DIVIDEND 19.5 PENCEPER SHARE.TOTAL DIVIDEND UP 5.5 PERCENT TO 29 PENCEPER SHARE.FY GROSS PREMIUMS WRITTEN 2,549.3 MILLION STG VERSUS 2,402 MILLION STG REPORTED A YEAR AGO.FY PROFIT BEFORE TAX EXCLUDING FX OF £93.6 MILLION.MARKET PRICING HAS IMPROVED AND AS A CONSEQUENCE WE HAVE GROWTH AMBITIONS FOR EVERY PART OF OUR BUSINESS- CEO.FY PROFIT BEFORE TAX 30.8 MILLION STG VERSUS 354.5 MILLION STG AS REPORTED YEAR AGO."IT'S HARD NOT TO FEEL TORMENTED BY REGULATION".FY GROUP COMBINED RATIO ‍99.9​ PERCENT VERSUS 84.2 PERCENT AS REPORTED A YEAR AGO.FY RETURN ON EQUITY ‍1.5​ PERCENT VERSUS. 23 PERCENT AS REPORTED A YEAR AGO.HISCOX - "WORKING HARD TO NAVIGATE GEOPOLITICAL ISSUES SUCH AS BREXIT, US TAX REFORM, GENERAL DATA PROTECTION REGULATION AND NY'S CYBERSECURITY REGS".  Full Article

Hiscox Says two senior appointments
Thursday, 8 Feb 2018 

Feb 8 (Reuters) - Hiscox Ltd ::STEVE LANGAN, CEO OF HISCOX UK & EUROPE, WILL RELOCATE TO NEW YORK TO TAKE UP ROLE OF CEO HISCOX USA, EFFECTIVE FROM 1 JULY 2018.‍BEN WALTER, CEO OF HISCOX USA, WILL RELOCATE TO LONDON TO TAKE UP NEWLY CREATED ROLE OF CEO HISCOX GLOBAL RETAIL, WITH EFFECT FROM 1 JULY 2018​.BEN AND STEVE WILL REMAIN ON EXECUTIVE COMMITTEE AND HISCOX WILL BEGIN PROCESS OF RECRUITING A NEW UK & IRELAND CEO IN AUTUMN.  Full Article

Hiscox Ltd says 9-month ‍gross written premiums up by 12.4 pct to 2.09 bln pounds
Tuesday, 7 Nov 2017 

Nov 7 (Reuters) - HISCOX LTD :​:9-MONTH ‍GROSS WRITTEN PREMIUMS GREW BY 12.4% TO £2,088.8 MILLION​.‍CLAIMS ARISING FROM MEXICO EARTHQUAKES AND CALIFORNIA WILDFIRES ARE NOT EXPECTED TO BE MATERIAL FOR GROUP​.NOW ESTIMATE COMBINED NET CLAIMS FOR HURRICANES HARVEY, IRMA AND MARIA OF $225 MILLION AGAINST A ESTIMATE US$225 MILLION FOR HARVEY AND IRMA ​."‍WE ARE SEEING SIGNS OF A HARDENING MARKET​".IN LOSS-AFFECTED AND LOSS-EXPOSED US PROPERTY LINES BUSINESS WE ARE SEEING INCREASES OF BETWEEN 10% AND 50% AND SOMETIMES MORE​.‍FOR REINSURANCE, ANTICIPATE DOUBLE-DIGIT INCREASES IN RATES FOR US CATASTROPHE-EXPOSED BUSINESS AT IMPORTANT JANUARY RENEWALS​.‍NEW EUROPEAN INSURANCE COMPANY, HISCOX S.A., HAS BEEN FORMALLY INCORPORATED IN LUXEMBOURG WHERE WE HAVE STARTED TO BUILD A SMALL LOCAL TEAM​.‍SUBJECT TO FINAL REGULATORY APPROVAL, WE ARE ON TRACK TO START WRITING INTO NEW CARRIER IN LUXEMBOURG FROM Q2 2018​.DRAFT BILL SEEKS TO LEVY A 20% EXCISE TAX ON PAYMENTS MADE TO FOREIGN AFFILIATES WHICH COULD HAVE IMPACT ON INTERNAL REINSURANCE ARRANGEMENTS​.  Full Article

Hiscox to increase capacity to 1.6 bln stg amidst "widespread market turn"​
Wednesday, 11 Oct 2017 

Oct 11 (Reuters) - Hiscox Ltd :‍ENVISAGES A 2018 CAPACITY OF £1.6 BILLION FOR SYNDICATE 33, SUBJECT TO LLOYD'S APPROVAL​.‍THIS REPRESENTS AN INCREASE OF £450 MILLION FROM 2017​.‍INCREASE IN CAPACITY IS DRIVEN BY AN ANTICIPATED IMPROVEMENT IN MARKET.‍INCREASE IN CAPACITY IS DRIVEN BY DESIRE TO HAVE SUFFICIENT CAPACITY AVAILABLE TO PARTICIPATE IN A WIDESPREAD MARKET TURN​.HISCOX - ‍INCREASE FOLLOWS A PERIOD OF SIGNIFICANT CATASTROPHE ACTIVITY IN 2017 IN WHICH MORE THAN $100 BILLION OF INDUSTRY CAPITAL IS ESTIMATED DESTROYED​.  Full Article

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UK's main index sees seventh straight day of losses, BoE comments lift midcaps

London's FTSE 100 saw its seventh day in the red on Friday, its longest losing streak since 2015, led lower by losses in pharmaceuticals after the U.S. White House scrapped a rebate rule, while the midcap bourse jumped on prospects of lower interest rates.