Bermudian-headquartered Hiscox Ltd, the international specialist insurer, has reported a 6.3 per cent increase in group gross premiums written for the first nine months of the year.

Hiscox Re & ILS gross premiums written of $1.067 billion (2021: $806.5 million) grew by 32.3 per cent crossing a $1 billion milestone, as it benefited from further hardening market conditions. The rating outlook for January 2023 renewals is excellent, it added.

The company reported an investment result loss of $293.9 million (2021: profit of $62.7 million), or a negative return of 4.2 per cent year to date (2021: positive return of 0.9 per cent), primarily due to unrealised mark to market losses in its bond portfolio which are expected to unwind as the bonds mature.

Some $135 million net of reinsurance is reserved for Hurricane Ian, well within the modelled range, based on an insured market loss of $55 billion, reflecting the continued reduction in underpriced natural catastrophe exposed risk, Hiscox said. There is no change to the previously announced loss estimates for Ukraine.

Aki Hussain, group chief executive officer, said: "The group has performed well in a complex underwriting environment.

“Our retail business is on track, with platform migration going well and we look forward to an acceleration of growth in 2023.

“The performance of our big-ticket businesses remains robust after the impact of Hurricane Ian, and improving conditions are presenting new opportunities."