Hiscox Ltd has withdrawn from less profitable underwriting with its premium revenue registering a 10% decline in the first quarter of this year.

The London-based insurer saw its premium revenue fall to £321.3 million [$625 million] from £385.4 million a year.

In a statement released today, they said, “We remain committed to disciplined underwriting, throughout our business.

Hiscox, a leader in specialist insurance also hinted that it was changing strategy in relation to business pricing, “In global markets and international, we will continue to benefit from healthy rates in catastrophe reinsurance, though rates are softening and we are carefully retreating from poorly priced business.”

Faced with an increasingly competitive market offering low prices, the company said that in March, it planned to cut capacity at its main underwriting syndicate by 20% this year.

The company will be focusing on its regional divisions in British and European markets to boost growth. Premiums at the two units rose to 13 and 29 respectively in the quarter.

The Insurer has declined 10% this year more than the FTSE All-Share Non-Life Insurance Index which has dropped 6.5%.

In the statement, Hiscox said that the 10% decline was nothing new and. “In line with expectations premium incomes underwritten by Hiscox Global Markets and Hiscox International reduced.