AM Best has affirmed a financial strength rating of A- (Excellent) for Hiscox Insurance Company. The rating outlook is stable.
It said the rating reflected Hiscox's excellent financial performance, capitalisation and its excellent business position as a specialist insurer. It said an offsetting factor was persistently high operating expenses.
AM Best said it expected Hiscox to return consistent operating profits in 2003 and 2004, subject to normal loss experiences. It also said it expected Hiscox to maintain its capital at a level consistent with its current A- rating.
