February 25, 2019 / 7:15 AM / 8 months ago

Insurer Hiscox's 2018 profit rises more than three-fold

Feb 25 (Reuters) - Lloyd’s of London insurer Hiscox Ltd reported a profit for the year that beat market expectations driven by higher gross written premiums and smaller catastrophe losses compared to a year earlier.

The underwriter’s pretax profit jumped to $137.4 million, for the 12 months ended Dec. 31, from $39.7 million a year earlier. Gross written premiums increased to $3.78 billion for 2018 from $3.29 billion.

Analysts had expected a profit of $129 million and gross written premiums of $3.75 billion for 2018, according to the company-supplied consensus.

Reporting by Muvija M and Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta

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