Bermuda-headquartered insurer Hiscox said on release of its first-half figures that marine continued to be a “challenged area”. Hiscox London Market, in which marine operates, reported gross written premiums of £342.7m, up from: £298.1m in the same period last year. Profit before tax was £37.1m, up from £21.2m. However, profit before tax excluding FX gains/losses was £19.9m, down from £24.8m in the corresponding period last year. The combined ratio improved to 85.3%, from 90.6% in H1 2015. Premium income for Hiscox London Market was up by 15.0% to £342.7m (2015: £298.1m).
Hiscox said that “our newer classes of business (flood, cargo, product recall and US general liability) are performing well. Along with personal accident, these lines are offsetting reductions in some of the more challenged areas such as marine and energy, aviation and big-ticket property”.
Meanwhile, Hiscox said that it remained cautious ahead of the hurricane season and that following the EU referendum it “will work to understand future trading arrangements, and if necessary set up a new EU-based insurance company.”