Bermuda-based specialist insurer Hiscox has reported a 10% increase in gross written premium (GWP) for the first quarter to £640.5 million ($1.26 billion).

CEO Bronek Masojada says it is “a very good start to the year”, reflecting a strong performance across all segments.

“Our retail businesses continue to do well, growing in both broker and direct-to-consumer channels,” he said. “We are navigating more difficult markets in bigger-ticket lines, retreating where competition is eroding margins and growing where we see opportunity.”

Mr Masojada says new teams and product lines lifted GWP for the Hiscox London Market, while Hiscox Re continues to grow its casualty and specialty business including cyber, terrorism and business written on behalf of Kiskadee Investment Managers.

Rate pressure was most severe in aviation, marine and energy, terrorism and US large property lines.

“We are growing in areas where rates are under less pressure such as casualty, auto extended warranty and small property binder business, and in our new product lines – cargo, product recall and US general liability,” he said.

In reinsurance Hiscox reports “single-digit” rate reductions.

The first quarter was benign for claims, with minimal exposure to Storm Katie and the Brussels terrorist attack. The group expects minimal impacts from the Japanese and Ecuadorian earthquakes, and a “manageable loss” from the Canadian wildfires.