Hiscox Syndicate forecasts and half year results as at 30th June 2026

Hiscox Syndicates Limited has provided an update to forecasts for the results of the open years of its two managed syndicates as follows:

Syndicate 33

SPA 6104

Hiscox half year results

Ahead of publishing its Q2 syndicate results, Hiscox Group released its half year results on August 5^th. The update points to a business still delivering growth, but in a market that is becoming more selective. The group described a more competitive environment in many big-ticket classes, with rate pressure emerging across London Market and reinsurance. However, Hiscox emphasised that pricing remains broadly adequate across much of its portfolio, supported by disciplined underwriting, active cycle management and selective growth in areas where returns remain attractive.

A key message from the update was that rates are now falling, but portfolio adequacy remains relatively strong. Hiscox reported a 5% rate reduction in London Market and a 16% reduction in Hiscox Re, but rates remain 59% and 54% above 2018 levels, respectively. The group also stated that 76% of the London Market portfolio and 83% of Hiscox Re remain adequate or adequate-plus on expected underwriting returns. This suggests that while the rating environment is becoming more competitive, Hiscox does not yet see pricing as broadly inadequate.

In London Market, Hiscox continued to grow, but underlying premium growth was more modest once prior-year premium adjustments were excluded, at 5.3%. The undiscounted combined ratio deteriorated to 93.8%, after absorbing a $40m estimated net loss from the Middle East conflict. Hiscox Re delivered a very strong result, with an undiscounted combined ratio of 70.4%, while deliberately reducing net natural catastrophe exposure and growing its third-party capital platform, with ILS assets under management reaching $2.9bn at 1 July 2026.

Overall, the update suggests that profitable opportunities remain in the big-ticket market, but underwriting discipline, rate adequacy, exposure management and capital flexibility are becoming increasingly important has parts of the market soften.

The links to the presentation and interim statement can be accessed below for further detail on the results, market commentary and management outlook.

Hiscox H1 2026 investor presentation: Microsoft PowerPoint - 23359 - Analysts Presentation August 2026 final_web

Hiscox H1 2026 interim statement: 2026 Interim Results | Hiscox Group

Syndicate forecasts are expressed as a percentage of allocated capacity and are after all standard personal expenses but before members' agents' charges.