Hiscox said 2003 was a “record year” as pre-tax profit rose 300% in the 12 months ending 31 December 2003, jumping to £83.4m from £20.7m in 2002.
But it said it would not be closing off its 2001 year of account for Syndicate 33 due to the ongoing litigation from the World Trade Center attacks. The company put an extra £40m into its reserves to meet losses from the terrorist attacks.
For Syndicate 33 gross written premiums grew to £541m, up 17% on the £462m written in 2002. Pre-tax profit reached £64.5m, up from £13.9m.
For the group, gross written premiums went up 18%, reaching £797m, up from £677m in the previous year. Profit after tax reached £60.5m, up from the 2002 figure of £14.4m.
The group said its UK retail business showed steady growth, with gross written premiums of £175m, up from £148m, and pre-tax profit reaching £18.5m, up from £6.4m.
Hiscox said the combined ratio for the year, excluding losses from the World Trade Center, was 79.3%.
Hiscox chairman Robert Hiscox said the company saw a strong outlook for 2004, which had started well.
“It is a great pleasure to report record profits and strong growth,” said Hiscox.
“Healthy earning will continue to flow through from these good years and 2004 has started well. We will grow the business and its profitability by disciplined underwriting and by searching for new business in our chosen specialist areas.”
