Hiscox PLC
29 December 1999
HISCOX PLC
Hiscox Positive Following European Storms
The board of Hiscox has noted recent press speculation on the impact of
the 'European storm of the century' on its performance. As of December
27th Hiscox's European offices had been notified of approximately 300
claims. Net of reinsurance, these claims are not expected to have a
material impact on the financial performance of the group.
Commenting on the storms, Robert Hiscox, Chairman of Hiscox plc said:
'We have had a foreseeable amount of claims from the 'storm of the
century', properly covered by reinsurance, and have responded rapidly to
them to prove our commitment to our clients. Our book of quality
business has been growing rapidly in mainland Europe, and this event
should hit the industry hard enough to have a positive impact on the
rates charged by our competitors, and may shake some of the looser ones
out of the class. We will increase our drive for the business.'
Contact:
Robert Hiscox/Bronek Masojada, Hiscox plc 0171 448 6000
Colin La Fontaine Jackson, Charterhouse Securities Limited 0171 248 4000
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