Hiscox top line rises 2.4% in Q1 as London market returns to growth

By Ryan Hewlett

May 1 - (The Insurer) - Hiscox reported top-line growth of 2.4% for the first quarter of 2025 on Thursday, with continued expansion in its retail arm and its London market unit returning to growth.

The (re)insurer's top line, measured by group net insurance contract written premiums (ICWP), rose to $1.56 billion in the first quarter from $1.52 billion in the same period in 2024.

The increase was driven by Hiscox Retail, which expanded by 6.1% in constant currency to $736.1 million, as well as a return to growth at Hiscox London Market, which grew by 4.0% in constant currency to $329.7 million.

Hiscox London Market reported “strong” growth in property and marine, energy and specialty. The London-listed carrier noted that rates fell by 3% in aggregate – the first decrease since 2017 – but remain up 69% cumulatively since 2018.

Hiscox Re & ILS posted net ICWP growth of 9.1% to $222.1 million in the first quarter as the business found “attractive deployment opportunities” at the January renewals.

ICWP in Hiscox Re & ILS reduced by 1.0% to $492.2 million. The carrier noted that rates reduced by 7% in the first quarter but stressed that business remains well-rated, with cumulative rate increases of 80% since 2018.

The investment result for the first quarter was $114.1 million, a year-to-date return of 1.4%.

Hiscox said its previously disclosed loss estimate for January’s California wildfires remains unchanged. The group disclosed in its full-year results that it has reserved a net loss of $170 million for the event.