Hiscox has announced an official review of losses from the recent hurricanes that left the Caribbean and parts of the US weather-beaten with thousands
homeless.
The company estimated the impact of losses for the remainder of the year would reduce its operating profit by £25m for the year ended 31 December.
Hiscox said the hurricane losses and recent events in the global insurance business should have a positive effect on the rating environment.
Lloyd's has also given permission to the company to underwrite an additional £25m for the 2004 year of account to take advantage of the improved rates.
