February 26, 2018 / 7:23 AM / a year ago

Underwriter Hiscox's FY profit slumps after catastrophic 2017

Feb 26 (Reuters) - Lloyd’s of London underwriter Hiscox reported an over 90 percent fall in full-year pretax profit, as it faced the costliest year ever for insurers and reinsurers due to natural disasters, and pointed to improved pricing in the aftermath.

The insurer, which underwrites a range of risks from oil refineries to kidnappings, reported pretax profit of 30.8 million pounds ($43.17 million) in the year ended Dec. 31, down from 354.4 million pounds in 2016.

Gross written premiums rose to 2.54 billion pounds in the period from 2.40 billion pounds a year earlier.

“Market pricing has improved and as a consequence we have growth ambitions for every part of our business,” CEO Bronek Masojada said.($1 = 0.7135 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)

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