Hiscox to boost capacity as prices improve

Make text smaller Make text larger

  • Anticipating market turn: Bronek Masojada, CEO of Hiscox

    Anticipating market turn: Bronek Masojada, CEO of Hiscox


Hiscox plans to ramp up capacity in anticipation of a pick-up in insurance prices.

The company, which is based in Bermuda, said today it plans to increase the 2018 capacity for its Syndicate 33 at Lloyd’s by £450 million ($594.5 million) to £1.6 billion, driven by improving market conditions.

The move is subject to Lloyd’s approval.

“The increase in capacity is driven by an anticipated improvement in market conditions and a desire to have sufficient capacity available to participate in a widespread market turn,” Hiscox said in its Syndicate business forecast today.

“This follows a period of significant catastrophe activity in 2017 in which more than $100 billion of industry capital is estimated to have been destroyed.”

Last week, Hiscox announced a preliminary estimate of $225 million for net losses from hurricanes Harvey and Irma.

At the same time, Bronek Masojada, chief executive officer of Hiscox, said: “These events are already having an impact on rates in the global insurance market, particularly in affected areas and specific sectors.

“After a number of years of rate reductions, we are starting to see price corrections, most acutely in affected lines such as large property insurance and catastrophe reinsurance, which we expect to spread to non-affected lines.”

You must be registered or signed-in to post comment or to vote.

Published Oct 12, 2017 at 8:00 am (Updated Oct 11, 2017 at 8:05 pm)

Hiscox to boost capacity as prices improve

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries