Hiscox announces US office plan as profit dips
Hiscox is looking to open a retail office in the USA. The announcement came as it reported an operating profit of £86.3m, after £70m impact of 2004 hurricane season. The group’s pre-tax profit and premium income both fell to £77.0m (2003: £83.4 million) and £1051.1m (2003: £1083.2m) respectively.
Hiscox said the London Market business increased operating profit to £63.5m (2003: £61.5m) with a combined ratio of 92.9% (2003: 85.8%). Hiscox’s UK retail increased operating profit to £18.8m (2003:Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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