Announcement following the terrorist attacks in the US:
It is hard to put into words our shock and horror at the terrorist attacks
in the US and, in particular, at the World Trade Centre tragedy. We have
friends and colleagues involved which intensifies our enormous sympathy for all concerned.
At such an emotional time, it is hard to talk of financial involvement. It
is also made difficult by the obvious lack of information so soon after the
event which makes it impossible to publish a sufficiently accurate
assessment of the potential loss to Syndicate 33. However, our current
knowledge indicates it will be within our expected loss from a very
large natural catastrophe in which event Syndicate 33 and Hiscox plc will
have sufficient funds to cover payments as they come due. It will clearly
have a material impact on this year's profitability.
The loss is a human tragedy. It is, however, the sort of loss that Lloyd's
is in business to cover and we will all work to do what we can to alleviate
the suffering and repair the damage.
Neither the Hiscox Insurance Company nor the Hiscox Insurance Company (Guernsey) appears to have any material exposure to the catastrophe.
Fuller details will be given in our interim results which are due to be
announced on September 25, 2001.
