Hiscox Syndicate 33 Business Forecast 2009 - 30.6.08

Hiscox Ltd (HSX:L) announced today that it has published today on its company website a summary of its initial 2009 business forecast for Syndicate 33, which is attached or available here

The press release is available here.

“A full 2009 business forecast for Syndicate 33 has been submitted to Lloyd's, as is required of all syndicates operating in the Lloyd's market. Hiscox is required to make this public at this early stage of the year due to the participation on its syndicates by third party capital.

The initial plan envisages a Syndicate capacity of £600m for 2009, a reduction of £100m from 2008. A final plan will be submitted to Lloyd's in late September which may involve a change to Syndicate 33's capacity depending on loss activity over the next three months and other corporate plans. Hiscox is considering, subject to permission from Lloyd's, creating a new syndicate backed 100 per cent by its own capital. This may underwrite business sourced from Hiscox owned distribution which is currently written by Syndicate 33”.

The business referred to for Hiscox’s new syndicate is sourced from Hiscox USA established in March 2006 led by Ed Donnelly where premiums grew 130%to £22.4million (2006: £9.7million). The team expanded to 88 people. During 2007 Hiscox acquired the American Live Stock Insurance Company which contributed £3million to the year’s business. Hiscox USA gives Hiscox the ability to access both admitted and excess and surplus lines business in the US.