Annual results push Hiscox shares upwards

FTSE 250 insurer Hiscox (LON:HSX) saw its share price rise by 3.02% to 1,263p (as of 12:35 GMT) as gross written premiums increased by 8.1% during the year ended 31st December. Profits before tax sank by 60% due to the impact of a number of major catastrophic events, but management said that while it was too early to estimate the impact of Coronavirus, only a small portion of the portfolio is covered for pandemics.

CEO Bronek Masojada commented: “Our strategy of balance, between big-ticket lines and our more steady retail earnings, provides resilience and opportunity. Our growing Retail profits and strong investment return has enabled us to weather a third consecutive year of storms. We are investing for growth as we look to capture the many opportunities we see ahead“.