Investing.com
Published Nov 04, 2019 02:12AM ET
Updated Nov 04, 2019 02:25AM ET
Investing.com -- Here is a roundup of regulatory news releases from the London Stock Exchange on Monday, 4th November. Please refresh for updates
Insurer Hiscox (LON:HSX) announced a provision of $165 million to cover claims arising from Hurricane Dorian and Typhoons Faxai and Hagibis earlier this year and warned that there is still “significant” uncertainty over the final losses for the industry.
It also warned that fees and commissions will be around $25 million lower at year-end.
Additionally, Hiscox said it is exposed to the recent wildfires in California, but the scale of any potential loss is still unclear. The company still expects to post “a small positive reserve development” in aggregate for the year.
Gross written premiums grew 7.3% in the first nine months of the year, a slight uptick from a rate of 7% through the first half, and Hiscox said it expects 2020 to the third straight year of improving rates in the key London market.
Written By: Investing.com
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