<strong>BARRIE CORNES </strong> PANMURE GORDON<br />Gross written premium is up strongly for both Hiscox and Beazley. The claims environment in 2008 was pretty poor and 2009 has been much more benign, particularly in terms of catastrophe-related losses. Barring any major hurricane ... the full years should be very strong for both.<br /><br /><strong>RAKSHIT RANJAN </strong>NOBLE<br />Beazley is currently trading at a 20-30 per cent discount to Amlin and Hiscox. Given the sustainable double digit combined ratio and its track record we believe this discount is unjustified. We rate Hiscox as one of the best quality insurers in the sector.<br /><br /><strong>BEN COHEN </strong> COLLINS STEWART<br />Beazley will provide for a £33m loss on its Political Risk and Contingency book which assumes claims frequency will remain high into 2010, and a limited rate of recovery of future claims. The bottom line impact will be offset by reserve releases.