Insurer Hiscox said strong growth in its Hiscox London Market, Hiscox Europe and direct and partnerships business helped it achieve grows written premiums of around £904m in Q1 this year, up 6.3% on the same quarter last year.

In its trading statement, the carrier said: “Rate momentum continues to be favourable across all Hiscox businesses. Hiscox London Market achieved a further aggregate rate increase across the portfolio of 13% year-on-year, building on the significant rate increases over the past three years.

“Rate improvement has also continued in Hiscox Re & ILS, with an average increase of 10% across the portfolio.”

It added: “In Hiscox Retail, rates are increasing across all regions, with professional indemnity and cyber delivering the strongest growth. Hiscox UK has achieved an average 5% rate increase on the prior year. Hiscox Europe saw annual rate increase of 2%, with the strongest momentum in Ireland, France and Spain.

“Hiscox USA benefitted from a 5% increase on Q1 2020 driven predominantly by the broker channel, as pricing in the US excess and surplus lines market continues to harden.

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