LONDON (Bloomberg) — Hiscox Ltd., the second-largest Lloyd's of London insurer, said nine-month revenue was unchanged from a year earlier as higher sales at its US and Bermuda units were offset by falling premium rates.

Gross written premiums were £1.2 billion ($1.9 billion) for the nine months to September 30, the same as a year earlier, the Hamilton, Bermuda-based insurer said yesterday in a statement.

"The business continues to grow in its local specialty lines and contract in areas where rates are challenging, mainly US property insurance lines and big-ticket professional indemnity," the company said in the statement.

Lloyd's of London insurers including Hiscox and larger rival Amlin Plc have this year expanded internationally and into different lines of insurance to offset falling premium rates globally. Insurers' excess capital reserves, built up after 2009's rally in equity markets and two years of relatively few costly natural catastrophes, are allowing firms to compete for clients' business, driving down premiums.

Revenue from Hiscox's London market business was down 14 percent to £496 million in the nine-month period, while sales at its US and Bermuda divisions both rose 18 percent to £103 million pounds and £193 million, respectively.