Specialist insurer Hiscox has published its 2002 annual results, posting a return to profit and a 15.1% fall in its combined ratio to 94.8%.
Pretax profits were £20.3m in 2002, up from a loss of £32.5m the previous year. Gross written premiums on its Lloyd's syndicate rose 35% to £461.8m from £343.2m in 2001.
The improvement in its combined ratio means Hiscox generated more income from premiums than it lost in claims in 2002.
Hiscox' return to profit was helped by the performance of its Lloyd's Syndicate 33. On its 2000 year of account Hiscox posted a 12.5% profit from £360m of capacity. It also forecast up to a 7.5% profit on £360m of capacity for the open 2001 year of account.
Chairman Robert Hiscox said: "2002 was an exceptional year for our Lloyd's Syndicate 33. Such major losses that occurred during the year, especially in the marine market, were in the main avoided by the syndicate.
"Our underwriters kept their nerve after 9/11 and increased the premium income dramatically. The resulting 2002 profit has more than covered the poor run-off of some of the earlier years."
Hiscox also revealed it does not seek any further major acquisitions.
Hiscox added: "We will keep striving to grow the business organically with small incremental acquisitions, avoiding the black holes of major acquisitions."
