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30 Jul 2018 07:00
Syndicates 33 and 6104 - estimates
Hamilton, Bermuda (30 July 2018) - Hiscox Ltd (LSE: HSX), the international specialist insurer, announces the current estimates for Syndicate 33 and Syndicate 6104's 2016 and 2017 accounts.
The estimates for 2016 and 2017, expressed as a percentage of capacity, are as follows:
Syndicate | Year of account | Current estimate | Previous estimate | Capacity | Hiscox share |
33 | 2016 | (5.0%) to 5.0% | (5.0%) to 5.0% | £999m | 73% |
33 | 2017 | (10.0%) to 0.0% | (15.0%) to (5.0%) | £1,147m | 73% |
6104 | 2016 | 30.0% to 40.0% | 20.0% to 30.0% | £56m | 0% |
6104 | 2017 | (40.0%) to (30.0%) | (45.0%) to (35.0%) | £54m | 0% |
ENDS
For further information: | |
Hiscox Ltd | |
Marc Wetherhill, Group Company Secretary Kylie O'Connor, Head of Group Communications, London | +1 441 278 8300 +44 (0) 20 7448 6656 |
Brunswick | |
Tom Burns Simone Selzer
| +44 (0) 20 7404 5959 +44 (0) 20 7404 5959 |
Notes to editors:
1. The Syndicates' estimates are after standard personal expenses, such as Managing Agent fees and profit commission and all charges levied directly on syndicates by Lloyd's, but before Members Agents' charges.
2. Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It's a long-standing strategy which in 2017 saw the business deliver a profit before tax (excluding foreign exchange) of £93.6 million despite reserving net $225 million for claims in the most costly year ever for natural catastrophes.
The Hiscox Group employs over 2,700 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
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