Hiscox Limited has today released an interim management statement for the period ended on 31 March 2017 and provided updated forecasts for syndicates 33 and 6104.

The syndicate forecasts are as follows

Syndicate 33

Year of account

Capacity

Forecast as at 31 March 2017

Forecast as at 31 December 2016

Change at midpoint

2015

£999m

2.5% to 12.5%

0.0% to 10.0%

+2.5 points

2016

£998m

(5.0%) to 5.0%

(5.0%) to 5.0%

No change

Syndicate 6104

Year of account

Capacity

Forecast as at 31 March 2017

Forecast as at 31 December 2016

Change at midpoint

2015

£65m

25.0% to 35.0%

25.0% to 35.0%

No change

2016

£55m

5.0% to 15.0%

5.0% to 15.0%

No change

All forecasts are expressed as a percentage of capacity and after all standard personal expenses other than members’ agents’ fees and charges.

Lloyd’s is due to release the full set of syndicate forecasts for 2015 and 2016 to the Stock Exchange on Wednesday 17 May.

Hiscox's interim management statement shows premium growth of 17%, driven by strong performance in the retail business. Conditions in the London Market are described as “challenging”. Premium income in this sector is down at constant rates of exchange although flat when expressed in sterling. The group describe the claims environment as benign, but has disclosed an increase in reserves of £9 million for the changes in the discount rate used by the UK courts to settle catastrophic personal injury claims. Hiscox also announced that it will establish a new European subsidiary in Luxembourg to ensure that there is no disruption to its existing European business. It is expected that this subsidiary will be in place well in advance of March 2019.

The full statement can be found on the Hiscox group website here.