Bermuda-based specialty insurer Hiscox has reported gross written premium of £1.86 billion ($3.08 billion) for the nine months to September 30, an increase of 14.3% on the corresponding period last year.

It has hailed a strong performance “across all segments”, despite Hiscox London Market and Hiscox Re continuing to face difficult trading conditions. The retail businesses performed well “in a more stable environment”.

Claims for the period were modest.

Rates were broadly flat for Hiscox USA and Hiscox Europe, while Hiscox UK and Ireland has seen marginal increases in luxury motor but ongoing pressure in technology.

“It has been a good quarter for the group, albeit flattered by foreign exchange gains,” CEO Bronek Masojada said.

“Our retail businesses continue to grow well, benefitting from long-term investment in infrastructure and brand.

“However, margins are evaporating in some areas of the London market, and we are adjusting our underwriting accordingly.”