Hiscox remains in profit despite cat losses as chairman steps down
Hiscox has reported a pre-tax profit of £17.3m for 2011, down from £211.4m the previous year, as the company’s chairman Robert Hiscox announced his intention to step down.
The blame for the drastic reduction in profit has been laid squarely at the door of last year’s natural catastrophes which amounted to £270m in claims for Hiscox.
However, the UK retail and London Market businesses fared much better.
In Hiscox UK and Europe, premium income was up 9.5% to £498m (£454.7m: 2010) producing profits of £51.4m up from £39.6m the previous year.
The vast majority of this profit was contributed by the UK division (£49m) which the company attributed in the main to the
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