Last checked at 11 Jul 2011 09:00
Press release
Hiscox Syndicate 33, 2012 Business Forecast
Hamilton, Bermuda (11 July 2011) -- Hiscox Ltd (HSX:L), the international specialist insurer, announces that it has published today on its company website a summary of its initial 2012 business forecast for Syndicate 33. The summary business forecast is available at www.hiscox.com in the Investors section under Lloyd's Reporting.
A full 2012 business forecast for Syndicate 33 has been submitted to Lloyd's. Hiscox is required to make this public at this early stage of the year due to the participation on its Syndicates by third party capital.
At this stage Hiscox envisages a 2012 capacity of £1 billion for Syndicate 33, an increase of £100 million from 2011.
This increase is driven by anticipated improved market conditions particularly in reinsurance lines and a desire to have sufficient capacity available in the event of a widespread market turn. A final plan will be submitted to Lloyd's later in the year which may involve a change to Syndicate 33's capacity if the hurricane season has no material impact on the market.
Hiscox manages Special Purpose Syndicate 6104 solely on behalf of third party capital providers. Capacity for Syndicate 6104 will remain at £37 million for 2012. Hiscox also manages and provides all of the capital for Hiscox Syndicate 3624.
ENDS
For further information:
Hiscox Ltd
Charles Dupplin, Company Secretary +1 441 278 8300
Kylie O'Connor, Head of Communications +44 (0) 207 448 6656
Brunswick +44 (0)20 7404 5959
Tom Burns
Daniel Thöle
Notes to editors
About Hiscox
Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites mainly internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. For further information, visit www.hiscox.com.