Hiscox Plc, which does business independently and in the Lloyd’s market as syndicate 33, saw 1st half profits drop to £100,000 ($146,000) from £1.4 million ($2.04 million) in the same period last year as a result of losses at Lloyd’s for the years 1998 and 1999 which totaled £3.3 million ($4.81 million).
Non-Lloyd’s business on the other hand grew substantially, as Hiscox continued to pursue its strategy of becoming a full insurance vehicle specializing in insurance services for wealthy individuals and the corporate market. It is one of the leaders in placing highly specialized kidnap, ransom and extortion products, and coordinating security services.
In an interview with Reuters News Agency, Chairman Robert Hiscox said, “In the short-term we want an equal amount of activity outside Lloyd’s business to inside it. Our philosophy is that we are not a big insurer but we are big at what we do.”
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