Profits dip at Hiscox but insurer upbeat on York expansion

Hiscox, which underwrites a range of risks from oil refineries to kidnappings, said it would return 60 pence per share to shareholders, comprising a special dividend of 45 pence per share and 15 pence per share instead of a final dividend.

The total capital return is equal to about £192m.

Bronek Masojada, chief executive, said: “Hiscox has had another good year.

“We have been able to grow profitably in insurance and position Hiscox Re sensibly, reducing premiums and attracting new capital in the face of tough conditions. “The strategy of diversification we have pursued for decades means that, whatever the headwinds, we have the firepower to set our own course.

“We have the strategy, brand, people and capital support for a rewarding future.”

Hiscox employs 120 people in York and by the end of the year will have completed a £19m office development for up to 500 staff in the city.

It will house insurance experts, underwriters, IT, HR, claims and legal advisors in the group’s biggest office outside of London.

Robert Childs, chairman, told shareholders he had recently visited the firm’s existing base in York and also its office in Singapore.

Mr Childs said: “I was inspired by the enthusiasm and drive of the young teams and the commitment and intellect of the leadership in both places.

“It is pleasing to see that Hiscox businesses, from Singapore, to Atlanta and York all reflect the same values and determination to succeed.”