Thursday, June 22, 2006

LONDON, England (Reuters): UK-listed insurer Hiscox Plc said on Tuesday it had made a good start to the year and was progressing in its possible move to redomicile to Bermuda.

The company's gross written premiums to the end of May were up 30 percent to over 500 million pounds ($921.7 million) compared with the same period last year, it said in a statement ahead of its AGM.

Its key Global Markets division had seen a 9 percent increase in premium rates during the period, including a 17 percent surge in premium rates in its reinsurance business. Hiscox said it expected to see further price rises in some areas of its business in the coming months.

Its Bermuda subsidiary, set up at the end of 2005, is already well on its way to meeting its full year premium target, Hiscox said. It had written $150 million in new reinsurance business out of a target for the year of $165 million.

Hiscox said "work has progressed" on its proposed move to Bermuda, which it said it was considering when it announced its rights issue last year to fund its Bermuda start-up, and said it would provide a more detailed statement when it delivers its half-year results.

Hiscox shares were up 0.9 percent at 206-1/2p at 1007 GMT, ahead of the FTSE All Share index which was down 0.4 percent.

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