Hiscox PLC reported buoyant results amid "very positive"
market conditions.
Strong performances from Lloyd's Syndicate 33 and UK Retail helped the insurer to post a pre-tax profit rise of 708% to £31.5m from £3.9m, and operating profit up 144% at £26.4m from £10.8m.
Chairman Robert Hiscox said: "Syndicate 33 in Lloyd's has exceptional figures ahead of most of its peers in the market.
"Outside Lloyd's, our retail business has had another strong performance in the UK and broken into profit in mainland Europe.
"Rates are still rising overall, conditions in the markets look very positive, so the opportunities for profitable growth are there and we intend to take them."
Interim dividend increased to 1.3p per share from 1.2p per share.
Gross written premium income rose 34% to £590.6m.
Hiscox said the UK Retail and International Operations are making substantial strides towards fulfilling its long term strategic objective to balance the volatility of London Market business with more steady retail business.
The London Market and the next few years should remain full of opportunity for Syndicate 33 as the company believes market conditions will remain positive for some time to come.
"The London Market is an opportunist market which flourishes to the sound of gunfire, and struggles to the sound of violins. Some of the more aggressive rate
rises following the World Trade Centre tragedy were overdone, and reality dictates that some rates should reduce," Hiscox said.
"But the full orchestra of violins is a long way off."
Gross written premium applicable to Hiscox from Syndicate 33 was up 38% at £471.7m, with operating profit up 270% at £15.9m.
UK Retail's pretax profit was up 163% at £10m, with gross written premiums up 17% at £78m.
