Record profits from wealthy insurance
HISCOX, the high-end insurance company, yesterday shrugged off the effects of turbulent financial markets to post record interim pre-tax profits.
The insurer, which is based in Bermuda but listed in London, said pre-tax profits in the six months to the end of June rose to 109.2 million, up from 105.6m in the same period a year ago.
Although gross written premiums fell by nearly 13 per cent in Global Markets, its biggest unit, this was offset by sharply higher premiums and profit at its International and UK and European units.
Hiscox's international operation – which include its Bermuda, United States and Guernsey units – made 20.3m, up from 12.1m last year, while its UK and European businesses, which offer cover to wealthy individuals and small companies, made 16.3m, up from 6.6m.
The company's shares last night closed up 2.5 per cent.
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Monday 20 February 2012
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