Hiscox joined the throng of insurers surging back into profit for 2002,despite having to increase reserves for its WTC losses.
The group reported £20.3m profit before tax in 2002,up from a loss of £32.5m in 2001.
Much of the recovery came from the group 's Syndicate 33 at Lloyd 's, where total gross written premiums increased to £726m from £574m in 2001.Hiscox plc 's share of this income grew by 35%to £461.8m from £343.2m in 2001.
The group increased its estimate of WTC net losses by £10m to £40m.
Chief executive Bronek Masojada said the increase was due to rising fears of bad debts from reinsurers, following rating downgrades.
Also a big telecommunications claim hit the syndicate, calling for extra reserving to close Syndicate 33 's 2000 year of account.
The group had paid 58%of the estimated total by the end of February, including a payment to twin towers leaseholder Larry Silverstein.
The group's London Market operations achieved a combined ratio of 94.1%. Its UK retail operations achieved 96% and its international business hit 97.5%.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
