Hiscox's Syndicate 33 achieved capacity of £842m in 2003. This represented a final profit of 19.4%, which is at the upper end of the forecast range of 15% to 20%. Hiscox's share of the syndicate will be 65%.
Current estimates also indicate that the syndicate's capacity will increase by £4m to £846m in 2004, with a profit range of 5% to 12.5%. Hisocox's share will remain unchanged.
In 2005, Hiscox estimates that Syndicate 33's capacity will drop to £774m, with an estimated profit range of -7.5% to 2.5%. But Hiscox's share of the syndicate will rise to 71%.
