Hiscox has reported interim results. Highlights are:
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Interim pre-tax profit of £125.8m(2011: loss £85.6m)
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Gross written premiums increased by 7.0% to £906.4m with targeted growth in areas where rates are rising
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Interim dividend increased by 17.6% to 6.0p
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Group combined ratio 81.7(116.9).
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Net asset value per share 339.3p(296.3p)
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Catastrophe reserves holding steady.
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Investment return of 3.1% annualised(2.0 annualised).
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Robert Childs, chief underwriting officer, to succeed Robert Hiscox as chairman.
Robert Hiscox comments “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.
Commenting on the appointment of the new chairman, Richard Gillingwater, Senior Independent Director, said: “The Board conducted a thorough search and assessed a number of candidates. 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. Mindful of the UK Corporate Governance Code, the Board consulted with the company’s major shareholders, holding about 30% of the company’s shares, who unanimously supported our view.”
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