Tonight:
10°c
Lloyd's of London insurers Hiscox and Beazley enjoyed the calm after the storm in the last three months, boosted by higher gross premiums and investment profits.
Bermuda-based Hiscox, best known for insuring against kidnap and hurricanes, raked in £1.2 billion from writing insurance policies in the nine months to October. That's 10% more than the same period last year. when the effects of currency are stripped out.
The insurer also reckons it made a 6.5% profit on investments, largely due to its portfolio's strong performance in the last three months. Chairman Robert Hiscox said the firm was in “good health”, adding that its mix of business was “designed for these market conditions”.
There was a similar message from rival Beazley, which specialises in property and marine insurance but hailed its “diversified portfolio” as it reported an 18% rise in gross premiums at constant exchange rate, hitting £861.9 million over the same nine months.
It was boosted by its “catastrophe” business, with US commercial property and offshore energy seeing significant rate increases.
