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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Intact on a “great trajectory” as it continues product migration – Grosscurth
Tovah Grosscurth, Intact UK commercial lines MD, has updated on the insurer’s migration of products and how it is the “one to watch” in its drive for top spot.
Axa’s Jon Walker on consistency for brokers in new role
Having been made CEO of newly created Axa Insurance UK in March, Jon Walker sets out his approach to the role and what the provider is doing for brokers.
Canopius seeks to ‘bridge the gap’ with new cyber triggered spoilage cover for perishable stock
Canopius Group has launched a cyber-triggered spoilage cover designed to protect businesses when a cyber incident renders their perishable stock unsellable.
Aviva doubling down for customers, says Martin
Aviva is committed to pushing on with an “absolute focus on customer” and will continue “doubling down”, David Martin, managing director for UK commercial and chief distribution officer, told Insurance Age as he teased a “major new proposition” pencilled in for the end of the third quarter will catch brokers’ eyes.
Dual UK strikes new capacity deal with Axa
Dual UK has agreed a new capacity agreement with Axa to underpin its natural resources product.
Hemming: Hiscox to continue filling ‘obvious’ cover gaps
Brokers can expect Hiscox UK to launch more commercial product extensions in the coming months, as the insurer seeks to fill “obvious gaps”.
Allianz Commercial CDO Ktenidis targets e-trade growth in Northern Ireland and sub-£10,000 risks
Allianz UK Commercial is seeking to grab its share of a £2bn opportunity by converting manually traded sub-£10,000 premium risks to digital.
Aviva promotes McMurrough to commercial lines CUO
Aviva has appointed Alex McMurrough as chief underwriting officer for commercial lines.