Miscellaneous Syndicate 33

RNS Number : 8161X

Hiscox Ltd

30 June 2008

 



For immediate release

Hiscox Ltd Announcement

Syndicate 33 2009 Business Forecast

Hamilton, Bermuda (30 June 2008) -- Hiscox Ltd (HSX:L) announces that it has published today on its company website a summary of its initial 2009 business forecast for Syndicate 33. The summary business forecast is available at www.hiscox.com in the Investors section under Lloyd's Reporting.

A full 2009 business forecast for Syndicate 33 has been submitted to Lloyd's, as is required of all syndicates operating in the Lloyd's market.  Hiscox is required to make this public at this early stage of the year due to the participation on its syndicates by third party capital.

The initial plan envisages a Syndicate capacity of £600m for 2009, a reduction of £100m from 2008. A final plan will be submitted to Lloyd's in late September which may involve a change to Syndicate 33's capacity depending on loss activity over the next three months and other corporate plans.  

Hiscox is considering, subject to permission from Lloyd's, creating a new syndicate backed 100 per cent by its own capital. This may underwrite business sourced from Hiscox owned distribution which is currently written by Syndicate 33.

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For further information:

Hiscox Ltd

Robin Mehta         Company Secretary                                              [phone]

Jennifer Crowl      Director of Communications, London                 [phone]

Maitland                                                                                                 [phone]

Suzanne Bartch                        

Richard Farnsworth              

Notes to editors:

1. The Syndicate estimates are after standard personal expenses, such as Managing Agent fees and profit commission and all charges levied directly on syndicates by Lloyd's, but before Members Agents' charges.

2. Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange. There are three main underwriting parts of the Group - Hiscox Global Markets, Hiscox UK and Europe and Hiscox International. Hiscox Global Markets underwrites mainly internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited and Hiscox Syndicates Ltd are regulated by the Financial Services Authority. For further information, visit www.hiscox.com.

 

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