(Bloomberg) — Hiscox Ltd. Chairman Robert Childs said the Lloyd's of London insurer is writing less “big ticket” reinsurance as excess capital pushes rates lower.
The second-largest Lloyd's insurer by market value reported a 22% drop in gross written premiums at its reinsurance unit to 271.5 million pounds ($461 million) for the six months to June 30, according to a statement today.
“Big ticket business will grow and contract according to market conditions,” Childs said in a telephone interview. “We have seen rate reduction in reinsurance at year end and again at the half year and we are trimming our sales.”
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