Hiscox has reported a higher half year profit of £88.1m for 2005 (2004:£60.3m) on less gross premiums written of £437.2m (2004: £489.0m). The insurer added its UK profits doubled to £21.1m.

Robert Hiscox, chairman Hiscox, said: "Overall market conditions remained above average, but were increasingly competitive in the London Market where the high rates charged in recent years continue to fall in areas where there is strong competition."

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