Hiscox PLC
29 August 2001
29 August 2001
Hiscox plc
1999 and 2000 Open Year Forecasts
for Syndicate 33 managed by Hiscox Syndicates Ltd
The Syndicate forecasts shown below are after standard personal expenses but
before Members' Agents' charges. Standard personal expenses comprise managing
agent fees and profit commission and all charges levied directly on members by
Lloyd's.
Syndicate Forecasts as % of capacity
Year of Account Current Estimate Previous Estimate Capacity
1999 (6.5)% to (11.5)% (6.5)% to (11.5)% £360m
2000 (2.0)% to + 3.0% N/A £360m
Robert Hiscox comments: 'We are able to maintain the forecast for the 1999
account despite the insolvencies of a number of reinsurers and the losses that
are affecting the market. Syndicate 33 currently has no material reinsurance
failures, and had a minimal involvement in Directors' & Officers' liability
and financial institutions insurance.
The 2000 account shows considerable improvement, and that trend continues with
rates rising and premium income growing. We are increasing the capacity of the
Syndicate to £447 million for the 2002 account.'
For further information please contact:
Bronek Masojada Hiscox plc 020 7448 6012
bronek.masojada@hiscox.com
Stuart Bridges Hiscox plc 020 7448 6013
stuart.bridges@hiscox.com
Suzanne Bartch The Maitland Consultancy 020 7379 5151
sbartch@maitland.co.uk
ENDS
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