The specialist insurer, Hiscox, claims it has kept some powder dry during the first three months of 2012, after reporting lower income from premiums for the quarter.
Total gross written premiums up to the end of March were £450.7m against the £453.5m seen at the same point of 2011 but Hiscox says it withheld some insurance capacity in the first quarter "anticipating better rates and terms later in the year".
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Rates in reinsurance and catastrophe exposed lines, such as US property, continue to improve, says Hiscox, noting rates to insure against earthquakes in Japan have doubled since the Tohoku earthquake and tsunami of March 2011.
The investment portfolio achieved growth of 1.3% for the quarter, with invested assets reaching £2.9bn by the end of March ; Hiscox, however, believes investment returns will remain "relatively depressed" as the US Federal Reserve and the Bank of England keep interests rates low.
Bronek Masojada, Hiscox's Chief Executive, commented: "The year has started well with good growth in retail lines, a strong investment return and the reinsurance renewals in April beating our expectations."
Since the beginning of 2012 Hiscox shares have risen 6.24%.
-
Average pension pot by region – how do your retirement savings compare?Making sufficient savings for retirement is critical to ensure you can enjoy your later years without too many financial worries, but new data suggests some are saving far more than others. We look at the average pension pot by region.
-
Could colour diamonds add a sparkle to your portfolio?Diamonds of various shades never go out of fashion, says Chris Carter
