Hiscox surges out of the red with £125.8m profit

Hiscox pulled in a £125.8m pre-tax profit for the first six months of the year, compared to a £85.6m loss in the same period last year.

Combined ratio improved to 81.7% (2011:116.9%) and gross written premiums increased 7% to £906.4m having targeted areas with growth in rates. Interim dividend was up 17.6% to 6p (2011:5.1p).

Chairman Robert Hiscox said: “This has been a very good first half, not only due to the lack of catastrophes, but also from careful risk selection and growth in the right areas.

“All our businesses continue to underwrite with great skill and to search for new opportunities in new markets, backed by strong marketing. I am thoroughly enjoying my last year with the hand on the tiller.”

Robert Childs was announced as the new chairman to take over from Robert Hiscox

Richard Gillingwater, senior independent director, said Childs was an “oustanding” candidate.

He said: “We concluded that Robert Childs is the outstanding candidate to succeed Robert Hiscox.

“Taking and managing risk is the core business of an insurer, and we believe that Robert’s expertise in risk management and the continuity he will provide as chairman of the board will be of great benefit to our shareholders and policyholders alike.”