Best upgrades Hiscox issuer credit rating
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A.M. Best Europe-Rating Services Ltd. has upgraded its issuer credit rating to a+ from a for several units of Hiscox.
Citing the financial strength of the parent company, the insurance ratings firm upgraded the ratings of Bermuda-based Hiscox Insurance Co. (Bermuda) Ltd., U.K.-based Hiscox Insurance Co. Ltd. and Guernsey-based Hiscox Insurance Co. (Guernsey) Ltd.
“Hiscox pursues a successful strategy of balancing volatile international catastrophe business with more stable local specialist business, which has supported profitable performance in each of the last five years,” A.M. Best said in a statement.
Moreover, A.M. Best credited Hiscox's consolidated risk-adjusted capitalization and underwriting performance, noting that the group has an average five-year combined ratio of approximately 90%. The ratings firms also singled out Hiscox's strength in the Lloyd's of London market.
“Hiscox has a strong business profile in its core markets. The group's flagship syndicate, Lloyd's syndicate 33, has an excellent profile in the London market as a specialist underwriter of a diverse range of business classes.”
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