Hiscox triples profit despite disasters

HISCOX beat forecasts to triple profits last year despite a string of natural disasters, as it insisted it is ready for Brexit.

Profit before tax at the insurance group was £105m, coming in around 7pc higher than company-compiled consensus. Gross premiums written grew by 15pc to £2.9bn.

The FTSE 100 company said its strategy of balancing steady retail income with big-ticket insurance had paid off, helping it to deal with events such as the California wildfires and several hurricanes, typhoons and storms.

Chief executive Bronek Masojada said: ‘Our business is ready for Brexit, even if British politicians are not.’

Analysts at Shore Capital said the outlook for the current financial year was good.