Hiscox Ltd reported a strong start to 2026, with group insurance contract written premiums rising 10.2% to $1.72 billion in the first quarter, driven primarily by continued momentum in its retail division.
Retail premiums increased 15.1% year-on-year to $847.2 million during the three months ending March 31, while constant currency growth reached 8.0%, accelerating from 6.7% in the prior-year period and aligning with the company’s long-term growth ambitions through 2028.
The insurer’s London Market business also delivered growth, with premiums climbing 4.0% to $342.8 million, while Hiscox Re recorded a 7.1% increase to $527.1 million. On a constant currency basis, overall group growth stood at 6.9%.
Chief executive Aki Hussain said the company continues to benefit from expanding distribution capabilities and specialist underwriting expertise, enabling it to capture “diverse, high-quality growth opportunities” across its portfolio.
The results come as the global reinsurance market begins to soften after several years of elevated pricing. Industry analysts have indicated that reinsurance pricing likely peaked in 2024, with further moderation expected throughout 2026. Hiscox previously disclosed that London Market rates declined by 5% during 2025, with similar pressure anticipated this year.
Despite geopolitical tensions in the Middle East affecting parts of the marine war, kidnap and ransom, and political violence markets, Hiscox said overall loss activity remained within expectations. A relatively quiet catastrophe environment during the quarter helped offset claims tied to regional conflict escalation in March.
The company’s investment portfolio generated a return of $34.1 million, representing a year-to-date return of 0.4%. Results included unrealized fair-value losses on fixed income assets, which the company expects to reverse over time as bonds mature.
Hiscox also continued returning capital to shareholders through its ongoing share buyback programme. Since announcing the initiative in February, the insurer has repurchased 2.6 million shares worth approximately $54.5 million as of May 6.
The update arrives during a period of significant change in the specialty insurance market, following shareholder approval of Zurich’s proposed £8.1 billion acquisition of Beazley, which has increased investor attention on Hiscox’s independent, retail-focused growth strategy.
