Hiscox Ltd

Latest Results (16.05.2026):

Hiscox Ltd Q1 2026 trading statement: Group insurance contract written premiums (ICWP) rose 10.2% to $1,717.1m in Q1 2026, led by accelerated Retail growth and continued disciplined expansion in big‑ticket lines. Investment returns were muted (Q1 YTD $34.1m, 0.4%) with $69.6m of unrealised mark‑to‑market losses on fixed income excluded from adjusted operating profit. The change programme is on track, claims were within expectations despite some Middle East conflict exposure, and a $300m share buyback is underway (2.6m shares repurchased for ~$54.5m as at 6 May 2026).

Group premiums

Total ICWP increased to $1,717.1m (Q1 2025: $1,558.0m), +10.2% year‑on‑year (6.9% on a constant currency basis), driven by Retail momentum and measured growth across London Market and Re.

Hiscox Retail

Retail ICWP $847.2m (Q1 2025: $736.1m), +15.1% USD / +8.0% constant currency. Growth accelerated across UK, Europe and US; overall rate increase ~2% in Q1 and strong digital/direct and distribution performance (US DPD +9.6% to $171.0m; US broker +6.7% to $103.7m).

Hiscox London Market

London Market ICWP $342.8m, +4.0%. Average rates fell ~4% in the quarter (micro‑cycles vary by line); the business is walking away from underpriced property risk, growing in general liability and new specialist areas, and launched Hiscox Portfolio Solutions to access diversified third‑party underwriting and structured solutions.

Hiscox Re

Re ICWP $527.1m, +7.1%. Net ICWP fell 5.6% to $209.7m as the group limited net catastrophe exposure amid a softening pricing cycle (rates down ~13% in Q1). ILS assets under management rose to $2.4bn (1 Apr 2026), supporting fee income and alternative capital inflows.

Investments

Q1 investment result $34.1m (0.4% YTD) versus $114.1m a year earlier; included $69.6m unrealised fair value losses on fixed income due to higher yields. Group invested assets $9.3bn (31 Mar 2026); bond reinvestment yield ~4.4%, duration ~2.0 years. Sensitivity: a 100bp rate rise implies ~$164m mark‑to‑market loss partially offset by ~$75m IFIE.

Claims

First‑quarter loss experience was within expectations: a benign natural catastrophe environment largely offset estimated impacts from the Middle East conflict. Reported claims have been limited and concentrated in K&R, WTPV and some marine war lines; reinsurance protection remains in place.

Change programme & technology

Change programme progressing with 175 initiatives underway; first finance processes outsourced and IT consolidated under a single provider. Management remains on track for a $75m P&L benefit in 2026 and a $200m annual benefit target by 2028. Group is accelerating AI adoption across underwriting, contact centres and claims.

Capital and shareholder returns

Hiscox Ltd says the group remains well‑capitalised with strong liquidity. The $300m buyback announced Feb 2026 is underway: 2.6m shares repurchased for ~$54.5m as at 6 May 2026, with flexibility to deploy capital into growth where attractive.