Chairman says market is hardening.
Hiscox saw its gross written premium(GWP) fall by 8.3 per cent for the nine months this year compared to the same period in 2007.
The global insurer's GWP dropped from just over a billion to £920m, however chairman Robert Hiscox said the market was hardening and there were some good business opportunities.
Hiscox was so confident of market conditions it had decided to increase the capacity of Lloyd's Hiscox Syndicate 33 to £750 million for 2009 rather than reduce it to £550 million.
Hiscox said: "The tide has turned. Whereas we were depending on retail growth in UK and Europe to offset the fall in income from internationally traded business and reinsurance, rates have now switched from softening to hardening in some major areas such as reinsurance, offshore energy and large property.
"Most importantly, market conditions and sentiment have changed and business opportunities abound for Hiscox.
"We have already announced an increase in capacity for our Lloyd's Syndicate and the formation of a new one. We have added new teams and senior individuals, mainly from AIG, who will strengthen various parts of our business in the USA. Meanwhile the UK and Europe continue to make good progress".
