Standard & Poor's has revised its outlook on Hiscox PLC (HISCO), to positive from stable.

At the same time, Standard & Poor's affirmed its long-term 'BBB+' counterparty credit and insurer financial strength ratings on HISCO.

The ratings service painted a positive picture for HISCO, revealing its expectation that HISCO's operating performance will improve over the next two years.

Standard & Poor's credit analyst Nigel Bond said: "HISCO is establishing a number of encouraging trends in various aspects of its business, while maintaining an unchanged strategy.

"Underwriting performance in the U.K. should improve. The combined ratio is expected to remain broadly unchanged in 2002, but improvement is expected in 2003. In addition, the company will reinforce its position through continued specialization and regional expansion."

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