Bermuda-based specialist (re)insurer Hiscox reports gross written premium (GWP) of £1.54 billion for the first nine months of this year, up 12.9%.

It says the result was driven by good risk selection and a lack of natural catastrophes.

Rates in UK and US retail businesses are broadly flat, while single-digit increases in personal and commercial lines are occurring in Europe.

Excess capital and the benign claims environment continue to put pressure on property reinsurance pricing.

“Our strategy is working,” CEO Bronek Masojada said. “A long-term investment in the brand has helped us attract new business and talent, and we see plenty of opportunities for growth.”