In its report on 2018 numbers, insurer Hiscox said that “the discipline and careful underwriting of our marine and energy team has driven an outstanding performance in these lines, helped too by a low loss experience”.
It said that in cargo it was refocusing the portfolio to reduce its overall exposure, and in order that it would take more leading positions and fewer subscription positions on business.
Hiscox said that it had some exposure to a number of notable individual claims in cyber, media and marine – including a large marine loss of $13m.
Group gross premiums written were $3,778.3m, up from $3,286.0m the previous year.
Profit before tax was $137.4m, up from $39.7m.
The combined ratio was 94.9%, down from 99.9%.
“The standout performer was Hiscox London Market, which returned to growth and profit after three years of disciplined cycle management”, the company said.