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Shares in FTSE 100 insurer Hiscox (LON:HSX) have fallen by 4.76% to 1,661p (as of 10:00 BST) after it said that the insurance market had continued to deteriorate during the first half of 2019 due to the lingering effects of 2018 catastrophes. The group has strengthened its reserves for prior year claims and expects reserve releases to be materially lower this year.
Management said that the group expects to post a pre-tax profit of between $150 and $170 million for the first half, which includes a $150 million return on investments.