Hiscox takes profit slide on cats, soft market and low returns
Lloyd's and Bermuda specialty (re)insurer Hiscox posted a 31 percent fall in first-half profits to £97.2mn, as it was squeezed by a high-level of catastrophes, low investment returns, unfavourable foreign exchange effects and the global soft market.
Annualised return on equity almost halved to 14.8 percent from 27.5 percent a year earlier, while the headline combined ratio widened to 93.6 percent from 87.8 percent.
However, after removing the effect of foreign exchange there was a much sharper deterioration to 94.8...
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