Bermuda-based Hiscox says gross written premium (GWP) fell to £1.36 billion ($2.45 billion) from £1.37 billion ($2.47 billion) in the nine months to September 30, due to declining reinsurance rates.

Stiffer competition and a benign period for catastrophes have strained reinsurance rates, according to the insurer.

Hiscox Re’s premium income declined to £324.9 million ($586 million) from £391.3 million ($706 million) in the corresponding period last year.

“We are experiencing the same environment as everyone else in reinsurance,” Hiscox says.

“The contagion has only spread into insurance on big-ticket property and energy lines.”

Hiscox says its US portfolio has declined 15% and global business 10%.

Its retail division fared better, with Hiscox UK GWP rising to £324 million ($584 million) from £312.8 million ($564 million).

Hiscox Europe GWP increased to £125.3 ($226 million) million from £117.4 million ($211.6 million) and Hiscox USA GWP was up to £164.5 million ($296.5 million) from £142.2 million ($256 million).

Hiscox has no exposure to the tornadoes that struck the US in April or Napa Valley earthquakes in August.