LONDON (Bloomberg) — Hiscox Plc, a Lloyd’s of London insurer on the verge of moving its domicile to Bermuda, plans to increase the amount of business it can insure at the market by five percent next year to take advantage of pricing “opportunities”.The company’s Syndicate 33 underwriting unit may insure as much as $875 million ($1.67 billion) of premiums, compared with $833 million this year, Hiscox said yesterday in a statement.

Premium rates have risen for catastrophe coverage following last year’s record hurricane season in the US.

Hiscox, which provides insurance ranging from property to fine art, will re-domicile to Bermuda next month where it will be subject to lower taxes and lighter regulation than the UK.

The new company will continue to operate as a Lloyd’s underwriter in addition to the Bermuda subsidiary it established in 2005.

Shares of Hiscox gained 0.9 percent to 268 pence at 1.53 p.m. in London, valuing the company at $1.1 billion.