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Date: Monday 12 May 2008

LONDON (ShareCast) - Specialist insurer Hiscox said it has started the year well despite seeing overall premium income fall 10% in the first three months of the year.

Premium for the three months to March 2008, fell to £321.3m from £358.4m in the same period last year as it maintained discipline in large globally traded businesses, where rates continue to decline.

“We have had a good start to the year with relatively small involvement in the many large individual losses which have occurred around the world,” said chairman Robert Hiscox.

“Despite those losses, market conditions in international and larger business are becoming challenging so we are reducing our exposure to these areas through disciplined underwriting,” he said.

However, he added, the group is continuing to drive profitable growth in its more stable specialist regional businesses, which are less prone market competition.

The group said it has been an active first quarter for claims in the industry, but overall largely benign for Hiscox.

For the three months, Hiscox UK and Hiscox Europe experienced strong growth with increases in gross written premiums of 13% and 29% respectively.

In line with expectations, premium income underwritten by Hiscox Global Markets and Hiscox International reduced. The group said Global Markets and International will benefit from healthy rates in catastrophe reinsurance, though rates are softening and it is carefully retreating from poorly priced business.

“We expect to grow our specialist regional lines in the US, UK and Europe, where rates are at favourable levels and loss activity is currently low,” said the group.

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