Hiscox's H1 results reveal a fall in profits
Hiscox’s profits before tax have dropped to £97.2m (H1 2009: £141.1m) and the group combined ratio has increased by 5.8% to 93.6% (H1 2009: 87.8%).
In the insurer's interim results for the first six months of 2010, gross written premium fell slightly to £904.3m (H1 2009: £906m) while net premiums earned rose to £592.7m (H1 2009: £545.4m).
In a statement, Hiscox defended its profits, claiming that it achieved the £97.2m pre tax profit despite catastrophe related claims from the UK's winter freeze, Chile's Windstorm Xynthia, and Deepwater Horizon, and a lower investment return environment.
Hiscox's local specialist businesses have experienced
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