U.K. insurer Hiscox plc, which operates in the Lloyd’s market and independently, announced that it now expects net losses from the September 11 attacks on the U.S. to total around £30 ($43.5 million) rather than the £20 million ($29 million) it had previously estimated.
The bulk of the losses were attributable to Hiscox Lloyd’s syndicate 33, which covered damages to a building near the WTC and to increased reinsurance claims.
A company spokesman told London’s Financial Times that Hiscox didn’t anticipate any further increases in the estimates, and in fact expected that the ultimate figure would be below £30 million following reinsurance recoveries.
Hiscox appears to be undeterred by the losses. It recently announced that it was increasing the capacity of syndicate 33, which accounts for around 75 percent of its income, from £360 million ($522 million) to £500 million ($725 million) in anticipation of greatly increased demand and rising premiums.
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