Hiscox plc announced its 1999 account results and 2000 open year forecast today for Syndicate 33 - its syndicate managed by Hiscox Syndicates Ltd.
The 1999 result was -12.6% of capacity, lower than the estimate of -7.5% to -12.5%.
The group has revised its estimate for the 2000 year of account from 0% to -5%, to -2.5% to -7.5%.
Despite lowering the syndicate forecasts, chief executive Bronek Masojada said: "In overall terms the group results are expected to be in line with current market expectations".
He explained this is because Hiscox also has several other operations, including an insurance company that operates outside Lloyd's, and an operation in Guernsey.
Hiscox plc's results for the year ended 31 December 2001 will be announced on 16 April.
