Hiscox posts increased profit and premiums despite tough market

 
Caitlin Morrison
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INSURANCE group Hiscox reported an “excellent” start to its year yesterday, with premiums and profits up during the first six months of 2015.

Gross written premiums jumped from £979m in the first half of 2014, to £1.1bn, while pre-tax profit increased to £135m from £125m. The company also said its retail business had delivered record profit of £59.3m in the six months, up from £37.4m last year.

Bronek Masojada, Hiscox chief executive, said the group was “reaping the benefits” of its growing retail specialty units in the UK, Europe and the US.

“Although conditions for reinsurance and big ticket insurance remain tough, our teams have demonstrated their creativity and determination to succeed,” he added. “Hiscox has the brand, distribution and talent for a bright future.” Investors disagreed – shares in the firm dipped by 4.24 per cent yesterday.