Hiscox company profits balance Lloyd's losses

LONDON - Lloyd's losses for Hiscox have pulled down a strong performance byits insurance company during the first six months of the year. Interimresults revealed a pre-tax profit of �0.1m down from �1.4m in 1999. Theinsurance arm posted a pre-tax figure of �2.8m and while overseas operationsbrought in �0.6m, but this was offset by a pre-tax loss of �3.3m fromLloyd's business. Chairman Robert Hiscox said, the results vindicated thecompany's strategy of building a strong business outside Lloyd's. "Syndicate33's unprofitable business has been cut and we are raising rates. We haveacquired more capacity on syndicate 33 and are confident of a rapid returnto the substantial profits achievable in the London market."