Hiscox profits fall 88 percent in 2011

Hiscox has announced that group profits fell by 88 percent in 2011, from £178.8 million in 2010 to £21.3 million.

Despite this, overall gross written premiums were up 1.1 percent on the previous year, climbing to £1,145 million, compared to £1131.2 in 2010.

The group’s chairman, Robert Hiscox, said that considering the circumstances these were good results.

“Again we have been well and truly tested by Mother Nature and a small profit is a good result in the circumstances,” he said.

He also announced his retirement.