Robert Hiscox announces record results: "World belongs to the discontented"
Unveiling record profits, Hiscox's chairman Robert Hiscox vows profitable growth will continue
For 2009, Hiscox has announced record pre-tax profits of £320.6m (2008: £105.2m) on a gross written premium income of £1,435.4m (2008: £1,147.4m). The combined ratio was 86% (2008: 75.3%) with a return of equity of 30.1% (2008: 9.2%).
Robert Hiscox said: "The investment market is now offering slim pickings, so underwiting - our basic trade - matters totally." He admitted Mother Nature had been kind last year.
Hiscox UK saw premium growth of 16.1% to £304m (2008: £261.9m). Its direct book has
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