We have been advised of the following results and updated forecasts by Hiscox and Beazley.

Hiscox Syndicate 33

 

Year of
account

Capacity
£000s

Result/Revised
forecast range

Previous Forecast
Range

Change at
Midpoint

2014

999,841

17.0% profit

5.0% to 15.0%

7.0 points better

2015

999,359

0.0% to 10.0%

0.0% to 10.0%

unchanged

2016

1,000,000

5.0% loss to 5.0%

n/a

 

 Hiscox Syndicate 6104

 

Year of
account

Capacity
£000s

Result/Revised
forecast range

Previous Forecast
Range

Change at
Midpoint

2014

72,089

36.1% profit

30.0% to 40.0%

1.1 points better

2015

64,927

25.0% to 35.0%

25.0% to 35.0%

Unchanged

2016

56,000

5.0% to 15.0%

n/a

 

 Beazley Syndicate 623

 

Year of
account

Capacity
£000s

Result/Revised
forecast range

Previous Forecast
Range

Change at
Midpoint

2014

242,760

18.6% profit

7.0% to 17.0%

6.6 points better

2015

230,252

0.0% to 10.0%

0.0% to 10.0%

Unchanged

2016

258,136

No forecast at this stage

 

 

Beazley Syndicate 6107

 

Year of
account

Capacity
£000s

Result/Revised
forecast range

Previous Forecast
Range

Change at
Midpoint

2014

21,042

29.1% profit

15.0% to 25.0%

9.1 points better

2015

28,602

35.0% to 45.0%

5.0% to 25.0%

25.0 points better

2016

28,750

No forecast at this stage

 

 

 In all cases, results and forecasts are expressed as a percentage of allocated capacity and are stated after all standard personal expenses other than members’ agents’ fees and charges.

A complete list of those results and forecasts received to date is attached here.

Hiscox Limited Group Results

Hiscox Group has today released its results for the year ended 31 December 2016. The group results are described a record for the group with profit before tax up 64% to £354m and the combined ration improving to 84.4% from 85.0% in 2015.

Headline figures are as follows:

 

 

2016

2015

Change

Gross Written Premium

£2,402.6m

£1,944.2m

+24%

Net Earned Premium

£1,675.0m

£1,435.0m

+17%

Profit before tax

£354.5m

£216.1m

+64%

Combined ratio

84.4%

85.0%

0.6 points better

The figures are flattered by the fall in the value of sterling; premium growth in local currency was 14%. The group continues to grow its retail account at the expense of the London market where the trading conditions are described as challenging. The retail book accounts for 49% of the overall premium volumes and 45% of the total profit. The result in the London market would have been close to breakeven had it not been for the impact of foreign exchange. The declared combined ratio of 91.0% was 99.7% excluding monetary foreign exchange.

The underwriting environment is stable in the retail lines and there were only small reductions in the catastrophe reinsurance sphere but the greatest pressure is in large London market accounts including marine and energy, aviation and big ticket property.  

Investment returns more than doubled to £75m from £34m, with the group recording a return on invested assets of 1.9%, compared to 1.0% in 2015.

Although there was an increase in worldwide catastrophe claims, with overall experience in line with medium term averages, the only event to have a material impact on the year was Hurricane Matthew where the group has a total reserve of £35m. There was a release from reserves of £213m, slightly higher on the release of £206m made in 2015. The release from reserves reduced the overall combined ratio by 13%.

The full results can be found here and the analysts’ presentation slides here.