Hiscox Ltd has released its trading statement for the first three months of 2024, showing a positive performance across its various business segments. The Group ICWP grew by 8.3% to $1,537.5 million, driven by continued capital deployment in Re & ILS and accelerated Retail growth. Hiscox Retail ICWP grew by 5.8% in constant currency, with notable growth in the US and UK markets. Hiscox Re & ILS also saw significant growth, deploying additional capital and new quota share capacity.

However, Hiscox London Market experienced a temporary contraction due to non-renewal of certain large binder deals and one-off accounting reclassification items. The company expects this contraction to be offset by growth over the course of the year. Despite this, large natural catastrophe losses were within expectations for the first quarter.

The company's investment income result was $66.9 million, down from $98.1 million in Q1 2023, as duration was extended to position the portfolio in anticipation of falling interest rates. Hiscox also continued its share buyback program, repurchasing 4.7 million shares for approximately $71.4 million.

Aki Hussain, Chief Executive Officer of Hiscox Ltd, expressed satisfaction with the company's performance, stating, "A good start to 2024, with our focus on profitable growth continuing to deliver." He highlighted the improved Retail momentum, sustained growth in Hiscox Europe, and the deployment of capital in Hiscox London Market and Hiscox Re & ILS.

The company's Retail segment saw broad-based growth, with initiatives implemented over the last couple of years beginning to yield benefits. Hiscox UK experienced a growth of 8.3%, driven by improving performance across all areas of the business, including the activation of distribution deals signed in 2023 and ongoing investment in marketing.

Despite the unpredictable external environment with elevated levels of risk, Hiscox Ltd remains confident in its diverse and complementary portfolio of businesses to effectively manage uncertainty and serve its customers. The company's agreement to sell DirectAsia to Ignite Thailand Holdings Limited is still subject to customary conditions and regulatory approvals.

Overall, Hiscox Ltd's Q1 2024 trading statement reflects a positive start to the year, with strong growth in its Retail and Re & ILS segments, despite temporary challenges in the London Market.