Loading…
UK/Bermuda specialty insurer underwriting property, cyber, art/high-value personal lines and small-business (US) commercial risks.
UK/Bermuda specialty insurer underwriting property, cyber, art/high-value personal lines and small-business (US) commercial risks.
Sells small-business cover direct to customers online and by phone as well as through brokers, giving it a spread of small, frequent premiums, while its London Market and reinsurance arms underwrite larger, volatile risks such as property catastrophes. Earnings therefore swing with catastrophe claims, while the retail book is steadier.
In one line: A UK/Bermuda specialty insurer in a niche similar to Beazley.
Moat: narrow (brand, scale). Niche underwriting expertise in art/high-value personal lines and US small-business insurance differentiates it from generalists.
Headquarters: Hamilton, Bermuda · Founded: 1901 · Employees: 3,000
Size Hiscox (HSX.L) is a United Kingdom Financials company (Multi-Line Insurance) with a market value of $8.08B, the 60th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,913 on 6 Nov 2026.
Performance Over six months the shares gained 18.4%, against +5.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 4.5% over the last twelve months (peer median +7.9%); the operating margin is 13.5% (peer median 15.0%).
Valuation It trades at 2.06× book value against a peer median of 1.25× (6th most expensive of 21).
Price implies The share price implies a return on equity of about 15.1%; Hiscox delivers 16.6%, so the price asks less than the business earns today.
Credit Hiscox has 1 bond outstanding ($500M), rated BBB- by the agencies.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £4.18B | £4.08B | £3.99B | £3.85B | £3.72B |
| Revenue growth | — | +2% | +4% | +3% | — |
| Net income | £478M | £458M | £491M | £573M | £206M |
| Free cash flow | £542M | £54.3M | £85.5M | £186M | £286M |
| Capital expenditure | £29.2M | £35.2M | £30.6M | £35.2M | £67.2M |
| Total debt | n/a | £665M | £587M | £586M | £589M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Hiscox HSX.L | $8.08B | +18% | +4% | 17% | 2.06× | 15.1% |
| Beazley BEZ.L | n/a | +3% | n/a | n/a | n/a | n/a |
| Chubb CB | $139B | +15% | +6% | 15% | 1.91× | 9.4% |
| W. R. Berkley WRB | $27.9B | +16% | +1% | 19% | 2.91× | 12.8% |
| Lancashire LRE.L | $2.24B | +18% | -2% | 22% | 1.49× | 12.7% |
| Axis Capital AXS | $7.60B | +7% | +10% | 16% | 1.33× | 8.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HSX.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.0% | +1.6% | 7th highest of 21 |
| 6-month return | +18.4% | +5.4% | 5th highest of 21 |
| Return on equity | 16.6% | 14.6% | 9th highest of 21 |
| Price / book | 2.06× | 1.25× | 6th most expensive of 21 |
| Trailing P/E | 13.6× | 10.1× | 6th most expensive of 21 |
| ROE the price implies | 15.1% | 8.1% | 5th most demanding of 21 |
| ROE delivered | 16.6% | 14.4% | 8th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Hiscox HSX.L | United Kingdom | $8.08B | +18% | +4% | 17% | 2.06× | 15.1% | 16.6% |
| China Taiping Insurance 0966.HK | Hong Kong | $8.28B | -24% | +19% | 36% | 0.63× | 8.1% | 36.2% |
| Lincoln National LNC | United States | $7.67B | +12% | +12% | 23% | 0.74× | 8.6% | 22.6% |
| Axis Capital AXS | United States | $7.60B | +7% | +10% | 16% | 1.33× | 8.1% | 16.0% |
| Kinsale Capital KNSL | United States | $8.64B | +26% | +8% | 28% | 4.70× | 30.6% | 27.8% |
| Great Eastern G07.SI | Singapore | $7.47B | +21% | +27% | 15% | 1.73× | 11.4% | 14.8% |
| Db Insurance 005830.KS | South Korea | $6.90B | +2% | -14% | 17% | 0.85× | 5.1% | 17.0% |
| China Reinsurance (Group) 1508.HK | Hong Kong | $6.64B | -5% | +11% | 10% | 0.40× | 5.5% | 9.7% |
| Enact ACT | United States | $6.38B | +5% | +2% | 13% | 1.19× | 7.9% | 12.9% |
| RLI RLI | United States | $6.27B | +39% | +6% | 22% | 3.70× | 15.4% | 22.1% |
| Sony Financial 8729.T | Japan | $6.06B | +1% | -10% | 14% | 1.08× | 5.1% | 14.4% |
| Aditya Birla Capital ABCAPITAL.NS | India | $11.5B | +8% | +24% | 12% | 2.56× | 41.9% | 12.1% |
| FWD 1828.HK | Hong Kong | $5.54B | +7% | +24% | 4% | 0.92× | 7.3% | 4.1% |
| Globe Life GL | United States | $12.1B | +4% | +6% | 21% | 2.08× | 11.7% | n/a |
| Unum UNM | United States | $12.2B | -5% | -5% | 3% | 1.52× | 8.1% | 2.6% |
| Sunshine Insurance 6963.HK | Hong Kong | $5.35B | 0% | +8% | 14% | 0.66× | 5.4% | 13.7% |
| White Mountains Insurance WTM | United States | $5.35B | +5% | +21% | 22% | 0.99× | 6.3% | 21.9% |
| Aegon AGN.AS | Netherlands | $12.7B | +4% | +16% | 10% | 1.25× | 8.2% | 10.5% |
| CNA Financial CNA | United States | $12.8B | +9% | +2% | 10% | 1.25× | 7.2% | 9.6% |
| CNO Financial CNO | United States | $5.09B | +20% | +2% | 17% | 2.19× | 16.0% | 16.9% |
| Mapfre MAP.MC | Spain | $14.1B | -2% | +5% | 12% | 1.26× | 8.4% | 12.4% |
Hiscox has 1 bond outstanding with $500M face value. The agencies rate it BBB-.