SWISS RE’S NINE MONTH LOSS NARROWS AFTER POSITIVE Q3 RESULT

Hiscox has reported strong growth in its London market business on the back of the hardening market. The Bermuda-based group said gross written premiums grew by 2% to $3.26bn in the first nine months of 2020, driven by rate improvements and new business. In the third quarter, premiums grew by 15%. Premiums at Hiscox’s London market business grew 7% in the first nine months and 11% in the third quarter, benefiting from “accelerating rate improvement” with rates up 18%. Hiscox Re & ILS experienced good growth at the July renewals, with rates up 12% for the year. However, the unit posted a 7% decline in premiums for the nine month period to £ 763.6m. Hiscox chief executive Bronek Masojada said: “We are benefiting from the inexorable shift towards digital in our retail businesses thanks to our on-going investment in technology, as well as the strongest pricing we have seen in the London market and in reinsurance for more than five years.” Hiscox said there was no change to its previously-disclosed $387m estimate for coronavirus losses although it reserved $75m for catastrophe claims in the third quarter.