Insurance Age

Hiscox UK and Europe profits fall

    • Louise Meeson

    • Indicative reading time: 1 minute

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Overall, the insurer has reported an increase in pre-tax profits, however, in the company's UK and Europe division pre-tax profits have slumped due to large individual European losses

Hiscox has reported a 30% rise in pre-tax profit to £141.4m for the first half of 2009 (H1 2008: £109.2m).

However, the company’s UK and Europe division has announced a slump in pre-tax profits to £4.5m, compared to £16.3m for the same period last year.

Chairman Robert Hiscox explained: "Our regional businesses have generally performed well, but Europe has suffered from some large individual losses which have distorted figures in the short term."

Overall, Hiscox’s gross written premiums (GWP)

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