Hiscox reported its first half pre-tax profit increased to £3.9m from £1.4m in the same period last year.

The group's operating profit was £10.8m, up from £4.8m the time before.

Gross written premium increased to £442.3m from £313.1m. The group's 11 September net loss estimate stayed unchanged at £30m. Hiscox said it did not plan to bid to buy out all the capacity on Syndicate 33, of which it currently owns 63%.