11 October 2017Insurance

Hiscox to boost capacity for Lloyd’s Syndicate 33 as environment improves

Bermuda-based specialist insurer Hiscox said on Oct. 11 that it plans to increase the 2018 capacity for Syndicate 33 at Lloyd’s by £450 million to £1.6 billion, driven by improving market conditions.

The move is subject to Lloyd's approval.

The increase in capacity is driven by an anticipated improvement in market conditions and a desire to have sufficient capacity available to participate in a widespread market turn, according to the statement.

This follows a period of significant catastrophe activity in 2017 in which more than $100 billion of industry capital is estimated to have been destroyed, the company noted.

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