Hiscox Re, the reinsurance business and third-party capital platform of specialty insurer Hiscox, reported insurance contract premiums (ICWP) of $527.1 million in the first quarter of 2026, an increase of 7.1% from $492.2 million in the first quarter of 2025.
According to the company, the improvement was driven by new third-party capital inflows ahead of January renewals.
Based on guidance for full-year 2025 results, Hiscox Re’s net ICWP fell 5.6% in the first quarter of the year to $209.7 million, reflecting lower property catastrophe reinsurance rates and the company’s decision not to increase net natural catastrophe risk at this stage of the cycle.
This was partially offset by growth in the proportional and specialty product lines.
It was reported that rates remained under pressure in the first quarter of 2026, falling by 13%, with further slight reductions at renewal in April, along with softening of terms and conditions.
Still, pricing is generally considered adequate. Cumulative ratings have increased 65% since 2018, with 83% of business rated adequate or better at renewal on Jan. 1, according to the 2025 full-year results disclosure.
Hiscox Re’s ILS assets under management grew to $2.4 billion as of April 1, 2026, supported by approximately $1 billion raised from new investors.
“New AUM will support modest growth for ICWP as the majority of capital will flow into our Cat Bond Fund. Investments in our Cat Bond Fund are expected to generate modest additional fee income in 2026 but will not support underwritten premiums. The pipeline for further alternative capital inflows remains strong,” Hiscox explained.
Hiscox reported group-wide ICWP of $1.717 billion in the first quarter of 2026, up 10.2% from $1.558 billion in the same period last year.
This growth was driven by continued growth momentum in Hiscox Retail, disciplined expansion in the bulk business and the aforementioned improvements in Hiscox Re.
Hiscox Retail ICWP grew 8.0% in constant currency terms to $847.2 million, with growth accelerating across all business lines.
Meanwhile, Hiscox’s London market expanded to $342.8 million, meaning all three business units posted revenue growth during the quarter.
Aki Hussain, CEO of Hiscox, commented: “Hiscox is building on the strong momentum achieved through 2025 by capturing diverse, high-quality growth opportunities across each of our businesses.
“Hiscox retail growth accelerated to 8.0% as initiatives to expand distribution, increase penetration in specialty segments and extend expertise into new markets continued to gain momentum.
“In commodities, we are actively managing the soft cycle while delivering growth through new business initiatives and selected existing lines where conditions are more favorable.
“The outlook for 2026 is positive, with our strong focus on profitable growth and good progress on our change program targets.”
