Hiscox shares take a hit after H1 update

Shares in FTSE 250 insurer Hiscox (LON:HSX) tumbled 5.27% to 740.40p (as of 11:35 BST) after it reported a pre-tax loss for the six months ended 30th June. Gross written premiums for the half year were down by 4.3% as the company restrained activity in its reinsurance division.

CEO Bronek Masajada commented: “The dedication of our people around the world has enabled the business to respond to the challenges of this global pandemic and to deliver a resilient performance. Our investment in technology has paid off in all areas and supported our growth in Hiscox Retail and Hiscox London Market. Our long-held strategy of balancing volatile big-ticket risks with our more steady retail earnings in the US, UK and Europe provides both stability and opportunity. We are well positioned to capture the opportunities ahead in all our markets and in all our segments around the world“.