Hiscox Ltd market announcement

RNS Number : 6898S

Hiscox Ltd

07 November 2019

 

Hiscox Ltd market announcement

Hamilton, Bermuda (7 November 2019) - In its trading statement released to the market on Monday 4 November, Hiscox ("The Group") made the following statement:

"Due to the combined impact of increased claims activity and a cautious approach to reserve development, the Group expects the full year combined ratio for Hiscox Retail to be between 97-99%. The Group continues to target a combined ratio range for Hiscox Retail between 90-95% over the medium term."

At a meeting for analysts on Wednesday 6 November, responding to questions requesting clarification over the meaning of medium term, the Group's management team described an expected return to a target range of underwriting profitability for Hiscox Retail with a progressive improvement of 1-2% per annum over the next two to three years.

Specifically the Group provided the following ranges for the estimated combined ratio for Hiscox Retail:

2019: 97%-99%
2020: 96%-98%
2021: 95%-97%
2022: 90%-95%

The Group did not believe that this constituted inside information, rather it was a clarification of the meaning of "medium term".

Hiscox believes that these are conservative expectations, which of course it will aim to exceed. The Retail market opportunity for the Group remains significant and the growth engine of the business remains intact.

ENDS

For further information:

Hiscox Ltd

Marc Wetherhill, Group Company Secretary, Bermuda                 [phone]

Kylie O'Connor, Head of Communications, London                     [phone] 

Ryan Thompson, Investor Relations Manager, London                [phone]

Brunswick

Tom Burns                                                                                [phone]

Simone Selzer                                                                           [phone]

Notes to editors

About The Hiscox Group

Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It's a long-standing strategy which in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers.

The Hiscox Group employs over 3,300 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

Our values define our business, with a focus on people, ownership, courage and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.

 

END

 

 

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