UPDATE 1-Alberta fire loss "manageable" for insurer Hiscox-CEO

(Releads, adds CEO and analyst comment, share price)
By Carolyn Cohn
LONDON, May 10 (Reuters) - Wildfires in Canada will be a
manageable loss for Lloyd's of London underwriter Hiscox
HSX.L , it said on Tuesday, as it reported a 10 percent rise in
gross written premiums in the first quarter.
The government in Canada's Alberta province said 2,400
structures burned in the blaze in the oil sands boomtown of Fort
McMurray, with analysts describing it as the biggest insured
disaster in Canada's history.
"We have some exposure to homes in western Canada, we think
it will be manageable," Chief Executive Bronek Masojada told
Reuters. Masojada said it was hard to estimate losses so far as
the fire is still burning.
Hiscox, which underwrites a range of risks from oil
refineries to kidnappings, said gross written premiums rose to
641 million pounds ($923.23 million) in the quarter ended March
31, with strong performance across all business sectors.
Insurers and reinsurers have seen pressure on rates in
recent years due to increasing competition in the sector.
Rate pressure was most severe in aviation, marine and
energy, terrorism and U.S. large property lines, Hiscox said in
a statement.
In reinsurance, the firm said there were "single digit" rate
reductions.
"Pressure on rates, especially in property reinsurance
lines, has continued but is slowing down," it said.
Hiscox said it had low exposure to Storm Katie, which hit
Britain in March, to earthquakes in Japan and Ecuador and to
attacks in Brussels in March.
Hiscox shares were up 1.6 percent to 945 pence per share at
0705 GMT, compared with a 0.6 percent rise in the FTSE 250 index
.FTMC
Eamonn Flanagan, analyst at Shore Capital, called the
performance numbers upbeat, reaffirming his buy rating on the
stock.
($1 = 0.6943 pounds)