Hiscox Re, the reinsurance operation of specialist insurer Hiscox, increased its gross insurance contract written premiums (ICWP) by 4.5% to $1.13 billion in the first nine months of 2026, although net ICWP decreased by 7.5% to $486.1 million as the firm actively reduced net natural catastrophe exposure, particularly in retro.
The carrier highlights deliberate cycle management at Hiscox Re during the nine month period, with net natural catastrophe exposure now 36% below peak hard market levels. However, the reinsurer continued to support core cedents and selectively added new business in both pro-rata property and specialty lines.
The retraction in nat cat exposure comes amid a softening environment, with further rate reductions expected at the key January 1 renewals. Over the first nine months, Hiscox Re saw rates decline 14%, but notes that they remain 55% above 2018 levels, while 83% of the portfolio was rated adequate or better at the half-year.
Hiscox says that it continues to see strong demand from third-party capital providers, notably from quota share partners, which is evidenced by the growth in its insurance-linked securities (ILS) assets under management to a record $3.1 billion as at October 1 2026, growth of $200 million from the end of July.
Group-wide, Hiscox says that losses in the third quarter were within expectations, with benign natural catastrophe loss experience in big-ticket more than offset by losses from the ongoing Middle East conflict. In the Retail business, loss experience was in line with expectations.
Turning to Hiscox London Market, ICWP grew 9.9% to $1.05 billion in 9M’26, while underlying growth excluding prior-period premium adjustments slowed to 3.9%. The carrier highlights cycle management actions in areas such as major property, upstream energy, power and renewables, which reduced growth by nine percentage points as Hiscox prioritises underwriting discipline and walks away from business where rates are inadequate.
Over the first nine months, Hiscox London Market saw rates reduce by 5% in aggregate, but they are still up 59% since 2018, with 76% of the portfolio rated adequate or better at the half year.
At Hiscox USA, ICWP increased by 8.4% year-on-year to $791.6 million, driven by improved momentum on the prior year across the DPD and broker channels.
Hiscox Europe generated ICWP of $650.6 million in 9M’26, an increase of 7.4% on a constant currency basis. Here, DPD business continued to deliver strong double-digit growth, while Hiscox is also seeing momentum build in the broker business.
Hiscox UK grew its ICWP by 11.1%, on a constant currency basis, to $811.1 million in the first nine months of 2026. The carrier says that growth is volume-based and driven by continued investment in the Hiscox brand, successful execution of its sector strategy, and the deployment of new technology.
Within Hiscox Retail, ICWP increased by 9.1% in constant currency to $2.25 billion, with double-digit constant currency growth in the quarter.
Group-wide, Hiscox has today reported ICWP growth of 9.5% to $4.437 billion, driven by accelerating momentum in Retail and the strong contribution from the other segments mentioned above.
The investment result for the nine month period was $104.2 million, or a return of 1.2% year-to-date.
Aki Hussain, Chief Executive Officer, Hiscox, said: “The pace and quality of our execution continues to drive growth and returns across the Group. In Retail, momentum continues to build, supported by targeted management actions as well as strong new business formation trends. Distribution opportunities won over the last few years are maturing and our new product propositions are gaining traction. We remain on track to deliver 9% constant currency growth for the full-year.
“Our two big-ticket businesses are delivering growth while maintaining underwriting discipline in competitive market conditions. We are walking away from underpriced business while maintaining our position where economics are favourable and expanding into new specialty markets where conditions are attractive. Our long-standing broker relationships, deep underwriting expertise, diversified portfolio, disciplined capital allocation and ability to respond quickly to changing conditions remain key competitive strengths.
“Our change programme is transforming Hiscox into a more efficient and scalable business, unlocking greater synergies across the Group. We remain focused on returns through dynamic capital allocation and proactive cycle management. With a vast structural opportunity ahead of us in Retail and a proven track record of execution, I am confident we are well positioned to build on our strong momentum.”
