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Daily Insurance Industry News
Monday 15th of October 2018
May 12, 2010

Hiscox issues Interim Management Statement

by Richard Kilner

Story link: Hiscox issues Interim Management Statement

Specialist insurer Hiscox Ltd has released its its Interim Management Statement for the first quarter of 2010.

The firm’s gross written premiums increased by 6.4% year-on-year, rising from £486.5m to £504.1m.

Hiscox managed to make a profit despite a number of significant natural disasters and weather events, such as the Chilean earthquake and Windstorm Xynthia, as well as the effects of recession in the UK.

The firm had total invested assets of £2.8bn, and recorded return on investment of 1.3%. Hiscox holds no sovereign debt in Greece, Italy, Ireland, Portugal or Spain.

In the UK, Hiscox saw its gross written premiums increase by 15.6%, rising from £69m to 79.8m.

Chairman Robert Hiscox ruefully remarked that Mother Nature gave the firm a wonderfully quiet 2009, but had proven rather busier in Q1 2010.

Chairman Hiscox went on to say that, despite this, the firm’s underwriting skill and good investing allowed it to stay in the black.

Earlier this year Hiscox reported it had achieved record annual profits in 2009, with a pre-tax profit of £320.6m, more than thrice that earnt in the preceding year.

 

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