Hamilton, Bermuda (1 March 2010) - Hiscox Ltd (LSE: HSX), the international specialist insurer, announces its final result for Syndicate 33’s 2007 account. It also announces the current estimates for Syndicate 33 and Syndicate 6104’s 2008 and 2009 accounts.
The result for 2007, expressed as a percentage of capacity, is as follows:
| Syndicate |
Year of account |
Result |
Previous estimate |
Capacity |
Hiscox share |
| 33 |
2007 |
31.7% |
22.5% to 30.0% |
£874m |
73% |
The estimates for 2008 and 2009, expressed as a percentage of capacity, are as follows:
| Syndicate |
Year of account |
Current estimate |
Previous estimate |
Capacity |
Hiscox share |
| 33 |
2008 |
2.5% to 10.0% |
0.0% to 7.5% |
£700m |
73% |
| 33 |
2009 |
2.5% to 10.0% |
N/A |
£750m |
73% |
| 6104 |
2008 |
25.0% to 32.5% |
25.0% to 32.5% |
£34m |
0% |
| 6104 |
2009 |
35.0% to 50.0% |
N/A |
£43m |
0% |
ENDS
For further information:
Hiscox Ltd
| Charles Dupplin, Group Company Secretary |
+1 441 278 8300 |
| Kylie O’Connor, Head of Group Communications, London |
+44 (0) 20 7448 6656 |
| |
|
| |
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| Maitland |
+44 (0) 20 7379 5151 |
| Philip Gawith |
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| Anthony Silverman |
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Notes to editors
1. The Syndicates’ result and 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, the international specialist insurer, is headquartered in Bermuda and 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 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. Hiscox Insurance Company Limited, Hiscox Underwriting Ltd, Hiscox Europe Underwriting Ltd and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.
For further information, visit www.hiscox.com.