Hiscox hit by 92% fall in profits
Tuesday 28 February 2012
The Lloyd's of London firm Hiscox has announced profits of £17.3m, compared with £211.4m last time, a fall of 92 per cent. But in a sign of how tough the market for catastrophe insurers has been recently, Hiscox described the fall in profit as a "good result".
Robert Hiscox, the chairman, said: "We have been well and truly tested by Mother Nature and a small profit is a good result in the circumstances.
"By any measurement, it was a phenomenally catastrophic year with definitely more economic damage caused by natural catastrophes than ever before, including in the second half of the year the major international loss from the Bangkok floods."
Hiscox has set aside $20m (£13m) for the sinking of the Costa Concordia cruise liner, left.
Mr Hiscox is to stand down from the board in 2013, after he turns 70. He will become honorary president after 47 years with the firm.
The insurer, which is based in Hamilton, Bermuda, said in a statement that it was searching for a replacement for Mr Hiscox, 69, who has led the company since his father died. He will retain an advisory role after retiring from the main board.
- 1 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 2 Amber Roof: Sister of Charleston shooting suspect Dylann Roof launches fund-raising appeal for wedding and honeymoon
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 Right to die: Belgian doctors rule depressed 24-year-old woman has right to end her life
- 5 BP hit with record $18.7 billion fine over Deepwater Horizon Gulf oil spill
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Amber Roof: Sister of Charleston shooting suspect Dylann Roof launches fund-raising appeal for wedding and honeymoon
Russell Brand condemns moment of silence for Tunisia attack victims as a 'minute of bulls**t'
Right to die: Belgian doctors rule depressed 24-year-old woman has right to end her life
Worker killed by robot at Volkswagen car factory
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...