Profit, COR and GWP all improve at Hiscox
COR is 94.4% for the group but UK reports broker “indigestion” as the provider beds in new systems and admits changes had a knock-on effect on service. Plus insurer reveals Brexit costs.
Hiscox has reported increased GWP of $3.8bn (£2.9bn) for the full year 2018 compared to $3.3bn in 2017.
Profit before tax also improved dramatically, rising from $40m to $137.4m while COR went from 98.8% to 94.9%.
In the UK GWP shot up 11.5% to $799.5m (2017: $717.1m).
Brokers
But the insurer admitted that UK brokers had been impacted by system developments which had an effect on service to the market.
Bronek Masojada, CEO, wrote in his results report: “In the broker channel, IT change
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