Bermuda-based insurer Hiscox Ltd said its gross written premiums for the first nine months rose nearly 13 per cent, driven by a strong performance in its US and London markets.

Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said gross written premiums rose to £1.53 billion pounds ($2.31 billion) in the nine months ended September 30, from £1.36 billion a year earlier.

The underwriter also said it benefited from good risk selection and a lack of storms, floods and hurricanes in the period.

Bronek Masojada, Hiscox’s chief executive officer, said: “Our strategy is working. A long-term investment in the brand has helped us attract new business and talent and we see plenty of opportunities for growth.”

Based on early estimates, Hiscox said it expected net claims of $10 million from the explosion in the Port of Tianjin in August, and that it had limited exposure to the Californian wildfires in September and the more recent South Carolina floods.

Hiscox UK and Europe has put aside net 5 million euros ($5.4 million) for the October floods in the south of France, the company said.

The company’s reinsurance arm Hiscox Re, which has an operating presence in Bermuda, recorded $541.4 million in gross premiums, flat compared to the first three quarters of last year.

Growth in the ILS management arm, Kiskadee, offset declines in other areas. Kiskadee now has about $600 million in assets under management. Hiscox Re saw growth in the healthcare and specialty lines.

Hiscox’s London Market increased gross written premiums by 16.9 per cent in local currency to £453.4 million, while gross written premiums at Hiscox USA rose 17.1 per cent to $321.4 million.

The company also said it was considering raising some subordinated debt to bolster its balance sheet and support its growth plans. Hiscox did not disclose how much fresh debt it could look to raise.