JOY FERNEYHOUGH | BANCO ESPIRITO SANTO
The likely reservations from this update will come from the investments side where the yield is down. We continue to expect yields to come under pressure, but believe Lloyd’s insurers have already taken much of the pain here.
SARAH LEWANDOWSKI | PEEL HUNT
The portfolio declined in the third quarter because of a higher equity allocation and widening corporate bond spreads. Hiscox’s focus remains on capital preservation, but it is willing to take advantage of market dislocation.
EAMONN FLANAGAN | SHORE CAPITAL
The return reflected the impact of turbulent investment markets, with about 15 per cent of the bond portfolio in financial bonds, largely senior debt of strategically important banks. Hiscox said the return improved in October.