Syndicate 33 2010 Business Fo

RNS Number : 4108U

Hiscox Ltd

24 June 2009

 



Syndicate 33 2010 Business Forecast

Hamilton, Bermuda (24 June 2009) -- Hiscox Ltd (HSX:L) announces that it has published today on its company website a summary of its initial 2010 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 2010 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 £1,000m for 2010, an increase of £250m from 2009.   This increase is driven by the movement in the Lloyd's Premium Income Monitoring exchange rate from $1.99 for 2009 to $1.50 for 2010.  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 also manages Special Purpose Syndicate 6104 solely on behalf of third party capital providers and Syndicate 3624 which is fully aligned with all of its capital being provided by Hiscox Group companies.

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For further information:

Hiscox Ltd
Charles Dupplin, Company Secretary, Bermuda	[phone]
Kylie O'Connor, Head of Communications, London	[phone]
Maitland	[phone]
Suzanne Bartch
Richard Farnsworth

About Hiscox

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites 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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