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Sarah Veysey

Hiscox reports $404.8M profit for 2013

February 24, 2014 - 9:34am


Hiscox Ltd. posted a pretax profit of £244.5 million ($404.8 million) for 2013, compared with a restated £217.5 million ($353.4 million) for 2012, the underwriter reported Monday.

Hamilton, Bermuda-based Hiscox restated its 2012 results in accordance with the company's adoption of International Accounting Standard 19, Hiscox said in a statement.

For 2013, Hiscox recorded gross written premiums of £1.70 billion ($2.82 billion), up from £1.60 billion ($2.60 billion) in 2012, it announced Monday.

Hiscox said its combined ratio for 2013 was 83.0%, compared with 85.5% for 2012.

Lloyd’s syndicates

Hiscox also on Monday announced profits for its Lloyd’s of London syndicates 33 and 6104 for the 2011 year of account and expected profits for the 2012 and 2013 years.

Hiscox said that syndicate 33 posted a profit of 7.9% of its £900 million ($1.40 billion) capacity for 2011, while syndicate 6104 posted a profit of 3.4% of its £37 million ($57.5 million) capacity for 2011.

For 2012, syndicate 33 likely will post a return of between 2.5% and 12.5% of its £950 million ($1.54 billion) capacity, Hiscox said, and the syndicate will record an estimated return of between 0% and 10% of its £950 million ($1.57 billion) capacity for 2013.

Syndicate 6104 is predicted to make a return of between 20% and 30% of its £39 million ($63.4 million) in capacity for 2012 and between 20% and 30% of its £66 million ($109.3 million) capacity for 2013, Hiscox said.