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Hiscox sees £130m drop in profits

Hiscox has reported a slump in pre-tax profits of over £130m to £105.2m (2007: £237.2m) for 2008. The insurer also reported a deterioration in its combined ratio to 91.1% (2007: 85.5%) which it blamed poor investment returns.

Editor's comment

A senior industry figure said to me recently that the insurance industry is expert at managing risk....

What you really, really want

Brokers must accept the cost of implementing a full functionality software system and make budgetary allowances. Only then can they make the most of their IT systems. Jessica Pothering explains

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