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FTSE 250 movers: Hiscox slips; Trustpilot gains
(Sharecast News) - FTSE 250 (MCX) 20,018.20 0.46%
Hiscox reported a rise in first-quarter written premiums on Thursday as it benefited from accelerated growth in the retail segment.
In the three months to the end of March, total insurance contract written premiums increased 8.3% to $1.5bn. Hiscox said this was due to continued capital deployment in Re & ILS and the acceleration of Retail growth since full year 2023.
Hiscox Retail written premiums were up 8.1% to $723.2m, driven by a step up in growth in the UK business, as well as "robust" growth in US DPD and Europe.
These positive drivers were partly offset by continued subdued momentum in the US broker business.
Re & ILS saw a 19% jump in written premiums to $497.4m, while Hiscox London Market saw a 4.9% decline to $316.9m. This was mostly due to non-renewal of certain large binder deals to instead write more open market business, Hiscox said, in line with its strategy to lead more of the business it writes.
Chief executive Aki Hussain said: "A good start to 2024, with our focus on profitable growth continuing to deliver.
"Retail momentum has improved with growth accelerating in Hiscox UK and US DPD as our initiatives achieve targeted outcomes, and solid sustained growth in Hiscox Europe.
"In Hiscox London Market and Hiscox Re & ILS we continue to deploy capital where we see attractive opportunities. The outlook for the year remains positive."
Gold miner Endeavour Mining on Thursday reported a drop in production and selling volumes in the first quarter, along with a big jump in costs, though adjusted profits came in line with expectations.
Inchcape fell after trading without entitlement to a dividend, as did Hiscox, Hochschild Mining, Edinburgh Investment Trust, Elementis, GCP Infrastructure Investments and Genuit Group.
Trustpilot topped the index although there was no apparent reason for the rise.
Market Movers
FTSE 250 - Risers
Trustpilot Group (TRST) 199.00p 6.19% Foresight Group Holdings Limited NPV (FSG) 465.00p 5.68% Watches of Switzerland Group (WOSG) 350.00p 4.67% Future (FUTR) 696.00p 4.27% Trainline (TRN) 305.00p 4.17% Moneysupermarket.com Group (MONY) 227.40p 4.12% Drax Group (DRX) 533.00p 3.39% Urban Logistics Reit (SHED) 120.00p 3.27% Mobico Group (MCG) 58.00p 3.11% Safestore Holdings (SAFE) 791.00p 2.73%
FTSE 250 - Fallers
Ithaca Energy (ITH) 112.90p -4.65% Bank of Georgia Group (BGEO) 5,200.00p -4.06% GCP Infrastructure Investments Ltd (GCP) 73.80p -3.28% Grafton Group Ut (CDI) (GFTU) 909.60p -3.07% Inchcape (INCH) 770.50p -3.02% TBC Bank Group (TBCG) 3,365.00p -2.89% Endeavour Mining (EDV) 1,648.00p -2.83% Hiscox Limited (DI) (HSX) 1,185.00p -2.63% Harbour Energy (HBR) 280.30p -2.57% Oxford Instruments (OXIG) 2,275.00p -2.36%
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