Interim results at insurer and Lloyd's underwriter Hiscox have seen a dramatic 59% increase in premium income, plus a 35% rise in operating profit compared to the first half of last year.
Gross premium income in the six months to the end of June reached £177.5 million, compared to £111.7m in the first half of 1998.
Profits of £5.1m, up from £3.8m, were dented by a disappointing investment performance.
Hiscox's business is split between underwriting marine, political and other risks through four Lloyd's syndicates, and a regional insurance operation selling policies to businesses and high net worth individuals.
Chairman Robert Hiscox believes the company is enjoying the benefit of rate increases and a policy of innovation, particularly in an off-shore business in Guernsey utilising e-commerce.
The increase in premium income has been fuelled in part by Hiscox's increased share in Syndicate 33, up from 25% in 1998 to 51% this year.
Syndicate 33 writes a variety of specialist risks such as satellites and fine art, but Hiscox says its policy is "focus hard in areas where we are expert, and not to dabble in others".
As a specialist in political risk cover, Hiscox believes that the turmoil and economic upheaval of 1998 has now passed, allowing rates and conditions to improve in 1999.
Hiscox is also susceptible to hurricane damage, but argues that only an extraordinary catastrophe could have a material effect on its catastrophe book, thanks to controlled underwriting.
Hiscox reports that it has secured a £75m letter of credit facility from ten banks, which will allow it to expand the business.
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.
