Hiscox delivers solid performance with retail momentum and controlled growth strategy in large scale risks

Hiscox Ltd, the international specialist insurer, has reported strong performance for the first nine months of 2025, with group insurance contract written premiums (ICWP) rising 5.9% to $4.05 billion. The company’s diversified model continues to deliver, with Hiscox Retail growth accelerating and “big-ticket” opportunities managed with discipline amid increasing competition.

Hiscox Retail remains the engine of growth, with ICWP up 7.3% in USD terms and 6.1% in constant currency, reaching $2.01 billion. Hiscox UK grew by 8.0% in constant currency to $714 million, supported by brand investment, distribution deals, and strong performance in art and private client (APC) and commercial lines. The UK business is preparing to launch a new e-trade product for dentists, targeting the health and wellbeing sector.

Hiscox Europe posted 7.1% growth in constant currency to $569 million, with France and Germany delivering double-digit increases. A new cyber product in France and a broker consolidation deal in Germany, position the business well for 2026. Growth in the Netherlands was subdued due to tax changes affecting the self-employed, though this is expected to ease next year. In Italy, Hiscox is scaling operations following a recent acquisition.

In the US, ICWP rose 3.5% to $730 million. Digital direct premiums grew 6.7% to $446 million, driven by targeted marketing and improved customer experience. Broker channel premiums declined 1.2% to $284 million, though a rebound is anticipated in Q4 as new business pipelines build.

Hiscox London Market increased ICWP by 2.5% to $956 million, navigating competitive pressures, especially in property. Despite a 4% rate reduction year-to-date, cumulative rate increases since 2018 stand at 67%. Property saw double-digit growth through US high-net-worth and middle market expansion, supported by Hiscox Artificial Intelligence Laboratories (HAILO). Casualty growth was modest, with general liability rates offsetting declines in D&O and cyber. Specialty lines, including energy and crisis management, delivered targeted wins.

Hiscox Re & ILS grew ICWP by 6.5% to $1.08 billion, with net ICWP up 7.0% to $526 million. Despite a 5% rate decline in property, the portfolio remains well-rated, with cumulative rate increases of 83% since 2018. ILS assets under management stood at $1.3 billion, down from $1.4 billion due to planned capital returns, with a strong pipeline of future investors.

Claims experience in Q3 was benign, aided by underwriting discipline and a quiet catastrophe environment. The investment portfolio delivered $350.8 million in returns, or 4.2% year-to-date, with gains from tightening credit spreads and government bond yields. Invested assets rose to $9.4 billion, up from $8.2 billion at year-end 2024.

The Group’s change programme remains on track, targeting a $25 million P&L benefit in 2025 and $200 million annually by 2028. Strategic partnerships, including a multi-year collaboration with Google Cloud, are enhancing operational efficiency and underwriting capabilities.

Capital management remains active. Hiscox has repurchased 10.5 million shares for $179.4 million as part of its $275 million buyback, now 65% complete. Subject to Board approval, the company plans a 20% increase in its final 2025 dividend per share, reflecting confidence in its strategy and the growing contribution of Retail.