Hiscox, the specialist insurer, said claims in the third quarter were within expectations and its cost-cutting programme remains on track to deliver a $75 million profit benefit this year.
A quiet period for natural disasters offset marine losses linked to the Middle East conflict in its bigger-ticket businesses, while retail claims were in line with forecasts.
The efficiency drive, which is costing $75 million to deliver, includes sourcing and location changes, a redesigned operating model and tighter cost control.
Retail is expected to be the largest beneficiary.
Premiums rose 9.5% to $4.44 billion in the first nine months of the year, helped by faster growth in the retail business.
The company said it remains on track to deliver 9% constant currency growth in retail premiums for the full year, in line with upgraded guidance.
Constant currency figures strip out the effect of exchange rate movements.
Retail premiums rose 9.1% on that basis to $2.25 billion, with double-digit growth in the third quarter.
Growth came from higher volumes rather than price, with rates up just 1%.
In its bigger-ticket businesses, Hiscox is walking away from underpriced risks.
London Market premiums rose 9.9% to $1.05 billion, although underlying growth slowed to 3.9% once adjustments to earlier periods were excluded.
Hiscox Re, the reinsurance arm, grew gross premiums 4.5%, but rates there dropped 14% and the company cut its exposure to natural catastrophes.
The investment result fell to $104.2 million from $350.8 million a year earlier.
Rising interest rates pushed down the value of its bond holdings, producing $192.2 million of unrealised losses that Hiscox expects to reverse as the bonds mature.
The $300 million share buyback is 81% complete, with 10.3 million shares repurchased for $241.9 million.
