Interim Results: Hiscox Profits Down 31%
Bermuda-headquartered Hiscox released its interim results for the six months ended 30 June 2010, with natural disasters causing the company to a report a fall in half-year profits. Hiscox’s interim pretax profit fell 31% from last year to 97.2 million pounds. Chairman Robert Hiscox said “Hiscox is defensively placed for these market conditions with a robust book of reinsurance balanced by growing specialist businesses. When the market turns, which it inevitably will, and interest rates rise, which they must one day, we will have another surge of growth. In the meantime, we will keep our tinder dry with disciplined, selective underwriting and cautious investing.”
The full 26-page report is below, click ‘Full Screen’ for greater clarity:
