Hiscox, a specialty insurance company, has reported that its gross written premiums decreased 10% to GBP321.3 million for the first three months ended March 31, 2008, compared to GBP358.4 million for the same period of 2007.

Hiscox UK and Hiscox Europe experienced growth with increases in gross written premiums of 13% and 29%, respectively. In line with the company’s expectations premium income underwritten by Hiscox Global Markets and Hiscox International reduced.

Robert Hiscox, chairman of the company, said: 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. 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.