Hiscox Share Discussion Threads

[jumbo66] 17/9/2003 07:07

great set of numbers

[jumbo66] 17/9/2003 07:06

RNS Number:8454P
Hiscox PLC
17 September 2003


HISCOX PLC

Interim Results for the six months to 30 June 2003


"A strong half year"


2003 2002

Gross written premiums #590.6 million #442.3 million

Pre tax profit #31.5 million #3.9 million

Operating profit (based on longer term #26.4 million #10.8 million
investment return)

Earnings per share 7.6p 1.4p

Dividend per share (net) 1.3p 1.2p

Net asset value per share (before 108.6p 92.4p
equalisation provision)

Combined ratio 95.9% 101.5%

Combined ratio without increase in WTC 77.3% 101.5%
reserves



Highlights

*Pre-tax profit up 708% to #31.5 million (2002: #3.9 million), operating
profit up 144% to #26.4 million (2002: #10.8 million).

*Interim dividend increased to 1.3p per share.

*Hiscox plc gross written premium income up 34% to #590.6 million (2002:
#442.3 million).

*Group combined ratio has improved significantly to 95.9% (2002: 101.5%).

*Net asset value per share (before equalisation provision) up 18% to
108.6p (2002: 92.4p).

*Exceptional performance from Lloyd's Syndicate 33. Gross written premium
applicable to Hiscox plc up 38% to #471.7 million (2002: #342.5 million).
Operating profit up 270% to #15.9 million (2002: #4.3 million). London
Market conditions very positive and expected to remain so.

*UK Retail made a significant contribution with pre-tax profit up 163% to
#10.0 million (2002: #3.8 million). Gross written premiums up 17% to #78.0
million (2002: #66.8 million). Rates in our commercial business continue to
rise.

*International Retail delivered a pre-tax profit of #2.6 million from a
loss of #0.7 million in June 2002. Gross written premiums increased 24% to
#40.9 million (2002: #33.1 million). Mainland Europe business now
profitable.

Robert Hiscox, Chairman Hiscox plc, commented:

"A strong first half, with all sections of the business performing well.
Syndicate 33 in Lloyd's has exceptional figures ahead of most of its peers in
the market. Outside Lloyd's, our retail business has had another strong
performance in the UK and broken into profit in mainland Europe. Rates are still
rising overall, conditions in the markets we are in look very positive, so the
opportunities for profitable growth are there and we intend to take them."

This summary should be read in conjunction with the detailed announcement which
follows.

For further information:

Hiscox plc
Robert Hiscox Chairman 020 7448 6011
Bronek Masojada Chief Executive 020 7448 6012
Stuart Bridges Finance Director 020 7448 6013

The Maitland Consultancy
Philip Gawith 020 7379 5151
Suzanne Bartch 020 7379 5151



Notes to editors

1. Hiscox plc is a specialist insurance group listed on the London Stock
Exchange where it has a market capitalisation of circa #450 million. There
are three main underwriting parts of the Group - Syndicate 33 at Lloyd's, UK
Retail and International Retail business. Syndicate 33 had a premium income
of #726 million in 2002. It underwrites mainly internationally traded
business in the London Market - generally large or complex business which
needs to be shared with other insurers or needs the international licences
of Lloyd's. The UK Retail business had a premium income of #148 million in
2002. It offers a wide range of specialist insurance for professionals and
business customers, as well as high net worth individuals. It has regional
offices in Birmingham, Glasgow, Leeds and Maidenhead. The International
Retail business had a premium income of #67 million in 2002. It has offices
in Paris, Amsterdam, Munich and Guernsey. The European offices write mainly
high value household business and some specialist professional indemnity
business. The Guernsey office underwrites kidnap and ransom business and
fine art.

Chairman's Statement

Hiscox plc Interim Statement 2003

Results

Hiscox plc recorded a pre-tax profit of #31.5 million (2002: #3.9 million) for
the six months to 30 June 2003 and an operating profit of #26.4 million (2002:
#10.8 million). Group premium income for the period increased by 34% to #590.6
million (2002: #442.3 million). Earnings per share (based on the profit after
tax) were 7.6p (2002: 1.4p). Net asset value per share (before equalisation
provision) was 108.6p (2002: 92.4p). Group combined ratio was 95.9% (2002:
101.5%) which would have reduced to 77.3% without the increase in the WTC
reserves.

Dividend

In accordance with the Board's progressive dividend policy, we have increased
the interim dividend to 1.3p per ordinary share (2002: 1.2p per share). This
will be paid on 27 October 2003 to shareholders on the register at the close of
business on 3 October 2003.

Overall Comment

All sections of the group performed well, with the UK Retail and International
Operations making substantial strides towards fulfilling our long term strategic
objective to balance the volatility of London Market business with more steady
retail business. However, the main excitement is still in the London Market and
the Hiscox Syndicate 33 has continued to show exceptional growth and profits.
The next few years should remain full of opportunity for the Syndicate as we
believe market conditions will remain positive for some time to come.

London Market

6 months ended
30 June
2003 2002
#m #m

Gross Written Premium 471.7 342.5 up 38%
Pre Tax Profit 18.9 0.9 up 2000%
Combined ratio (%) 99.3 103.7
Combined ratio without increase in WTC 74.9 103.7
reserves


These excellent results and the satisfactory ratio are struck after the
substantial increase in reserves by Syndicate 33 for the World Trade Center loss
in 2001 (WTC) announced in the period. It was decided to increase the reserves
to the full amount of notifications, $588 million, from the previous reserves of
$475 million. Claims continue to settle below notifications and we continue to
take no account of any possible success in litigation against those with any
responsibility for the loss, but we wished to rid ourselves of any perceived
uncertainty as to the level of WTC reserves. The net cost of the increase to
Hiscox plc was #40 million. The Syndicate's underlying combined ratio without
the increase in WTC reserves was 74.9%.

At the half-year in 2001, Syndicate 33 had a gross premium income of #380
million. Two traumatic years on from the WTC tragedy the premium income has
nearly doubled to #724.3 million. A surge in premium income at the wrong time
means your prices are too low and disaster beckons. This surge has been achieved
at exactly the right time in strong market conditions. The pure 2002 year of
account figures are showing the lowest loss ratio since our available records
begin in 1946, and 2003 has started well although I always hate talking about an
account in its infancy and during the wind season.

These conditions will not last for ever, nor should they. The London Market is
an opportunist market which flourishes to the sound of gunfire, and struggles to
the sound of violins. Some of the more aggressive rate rises following the WTC
tragedy were overdone, and reality dictates that some rates should reduce. But
the full orchestra of violins is a long way off. International insurers and
reinsurers are still licking their wounds and the investment markets and low
interest rates will keep the emphasis on profitable underwriting for a good few
years. Figures from the USA show that in 2002, $17.3 billion of new money was
invested into the US insurance industry, premiums grew 14% with claims only
growing 3% but the industry's surplus fell $4.4 billion (the third consecutive
annual fall). Whether this is due to black holes being filled or their current
rates being inadequate matters little - there is no sensible commercial reason
for them to reduce rates.

The rates in Syndicate 33's markets are stable at a high level or rising. Some
headline rate reductions are more than balanced by opportunities in areas where
rates are rising as capacity is still in short supply.

The Syndicate will continue to offer creative underwriting in its international
markets, strengthened by the experiences of the last few years, and from the
base of a strong, revitalised Lloyd's.


UK Retail
6 months ended
30 June
2003 2002
#m #m

Gross Written Premium 78.0 66.8 up 17%
Pre Tax Profit 10.0 3.8 up 163%
Combined ratio (%) 90.6 96.4


UK Retail, through the Hiscox Insurance Company, made another highly
satisfactory contribution to group profits. We continue to focus on two main
areas of business: specialty commercial and affluent personal lines. These are
substantial markets in which we have as yet relatively small penetrations so the
focus can remain until we find another class in which to specialise. The
advantage of specialisation is that we can be big, expert and efficient in our
chosen fields and rival the biggest of our competitors in them.

Retail business does not come in big chunks as business does in the London
Market but has to be won at a local level piece by piece. The hard work involved
in building the book is, however, rewarded by better stability and retention. We
have offices in London, Birmingham, Glasgow, Leeds and Maidenhead which,
together with our direct internet business, reach all parts of the UK. Hiscox
arrived in the regions at the right time as insurance cover was being withdrawn
by wounded competitors and I believe we were welcomed by the local brokers. By
focusing on our specialist areas we have offered stability with creative
solutions to the insurance problems of brokers and their clients and will
continue so to do. Rates have stabilised in property but continue to rise in
some liability areas. Great efforts will be made to increase the distribution of
our products.

International Retail

6 months ended
30 June
2003 2002
#m #m

Gross Written Premium 40.9 33.1 up 24%
Pre Tax Profit 2.6 (0.7) up #3.3m
Combined ratio (%) 90.2 103.3


Overall, our overseas operations (which underwrite business for both Syndicate
33 and the Hiscox Insurance Company) made a significantly increased profit.
Guernsey produced another good profit, as did our small operation in the
Republic of Ireland. To this was added a welcome profit from the continental
European offices - a satisfactory step towards our objective to be a leading
pan-European specialist insurer. We have offices in Belgium, France, Germany and
the Netherlands, and links with operations in other European countries. There is
a massive market there in which we have now established a good name and critical
mass, and the next few years should show further substantial growth in volume
and profits.

Hiscox Insurance Company

6 months ended
30 June
2003 2002
#m #m

Gross Written Premium 98.8 81.5 up 21%
Pre Tax Profit 11.3 1.7 up 565%
Combined ratio (%) 91.8 100.3


Hiscox Insurance Company's income comprises all of UK Retail and part of
International Retail. The combined ratio at 91.8% is arguably too low given our
target of 95% - 98% but I, for one, am not going to argue with it! It gives us a
margin to step up marketing and distribution efforts to find and win more
business.

Investments

Hiscox plc's invested assets grew to #738.1 million from #623.8 million and
produced returns of 7% on fixed interest assets and 14% on equities. This
exceeded the long term annual rate of return which was lowered on 1 January 2003
to 4% for fixed interest securities and 6% for equities (2002: 6% and 7%). This
was done to reflect lower interest rates and expected returns from equities.
(The reduction in the assumed long-term rates reduced the level of operating
profits by #6.2 million).

Through our Hiscox Investment Management subsidiary we are now supervising the
investment of the #1 billion of investments for the group and Syndicate 33, and
also managing five OEIC Sub-Funds specialising in insurance and financial
stocks.

Finally

A good report of a strong half-year. All parts of the business have made
extremely positive strides, encouraging us greatly in our determination to build
a first rate, balanced specialist insurer. Syndicate 33 has grabbed the recent
opportunities in the London Market with great verve and vigour. In our retail
business, we favour organic growth but this does take investment and time. Our
only major retail acquisition, the Hiscox Insurance Company in 1996, had to be
turned round and built up but is now a strong provider of profit. Our
international operations have been started from the ground, and after a few
years of investment are now making money with tremendous growth potential.

We believe that these excellent market conditions will remain longer than some
pessimists are forecasting. The insurance cycle is of course alive and well, but
long received market wisdom is that the insurance market goes up the lift and
then down the stairs, whereas the Stock Market goes down the lift and then up
the stairs. Our rating indices show that we are still going up in the lift. When
it stops rising, there will be a slow decline which will be mitigated by cheaper
and more available reinsurance.

So, given normal loss patterns, we will continue to enjoy strong trading
conditions for a good few years to come during which we will grow our profits
and net assets by winning new business through creative underwriting and great
service, by selective acquisitions in our specialist areas and by attracting the
best people to work with us.

Robert Hiscox, Chairman
17 September 2003



Consolidated Profit and Loss Account
for the six month period ended 30 June 2003

Note 6 months to 6 months to Year to
30 June 30 June 31 December
2003 2002 2002
(unaudited) (unaudited) (audited)
#000 #000 #000

Gross premiums written 590,632 442,373 676,705

Net premiums written 440,294 247,984 416,144

Net premiums earned 266,912 185,258 385,129

Trading profit, before 36,845 19,280 50,814
movement in equalisation
provision

Trading profit, after 35,205 17,885 48,111
movement in equalisation
provision

Investment income 6 16,439 8,675 21,413

Unrealised gains/(losses) 6 4,557 (1,583) (4,425)
on investments

Investment expenses and 6 (718) (353) (809)
charges ---------- --------- ----------

Actual investment 20,278 6,739 16,179
return

Allocated investment 6 (13,553) (12,231) (27,643)
return transferred to the ---------- --------- ----------
technical account

Short term fluctuations 6 6,725 (5,492) (11,464)
in investment return

Other income 8,035 2,727 10,119

Other expenses (18,466) (11,186) (26,451)
---------- --------- ----------

Profit on ordinary 31,499 3,934 20,315
activities before tax ---------- --------- ----------

Comprising:

Operating profit based on 26,414 10,821 34,482
longer term investment
return - continuing
activities

Short term fluctuations 6 6,725 (5,492) (11,464)
in investment return

Movement in equalisation (1,640) (1,395) (2,703)
provision ---------- --------- ----------

31,499 3,934 20,315

Tax on profit on ordinary (9,449) (1,141) (6,340)
activities ---------- --------- ----------

Profit on ordinary 22,050 2,793 13,975
activities after tax

Dividends - interim paid 4 (3,824) (2,299) (2,299)
and payable
final payable - - (6,914)
---------- --------- ----------

(3,824) (2,299) (9,213)
---------- --------- ----------

Retained profit for the 18,226 494 4,762
period ---------- --------- ----------



Note 6 months to 6 months to Year to
30 June 30 June 31 December
2003 2002 2002
(unaudited) (unaudited) (audited)
#000 #000 #000
Earnings per share:

Basic, based on 3 6.4p 3.8p 11.3p
operating profit after
tax (on longer term
investment return)

Basic, based on profit 3 7.6p 1.4p 6.6p
on ordinary activities
after tax

Diluted, based on 3 7.5p 1.4p 6.5p
profit on ordinary
activities after tax




Consolidated Statement of Total Recognised Gains and Losses
for the six month period ended 30 June 2003

6 months to 6 months to Year to
30 June 30 June 31 December
2003 2002 2002
(unaudited) (unaudited) (audited)
#000 #000 #000

Profit on ordinary activities 22,050 2,793 13,975
after tax

Exchange differences taken to 157 51 (50)
reserves --------- --------- ---------

Total recognised gains and 22,207 2,844 13,925
losses --------- --------- ---------




Consolidated Balance Sheet
at 30 June 2003

Note 30 June 30 June 31 December
2003 2002 2002
(unaudited) (unaudited) (audited)
#000 #000 #000

Assets

Goodwill 6,457 6,782 6,617

Other intangible assets 15,966 16,308 16,469

Land and buildings 415 425 420

Other financial 640,440 378,195 502,944
investments

Reinsurers' share of 2 347,887 454,412 320,783
technical provisions

Debtors 570,523 590,134 345,517

Other assets 7,442 6,709 7,119

Cash at bank and in 99,025 67,321 121,196
hand

Prepayments and accrued 154,860 119,857 97,240
income --------- --------- ---------

Total assets 1,843,015 1,640,143 1,418,305
--------- --------- ---------

Liabilities

Capital and reserves

Called up share capital 14,540 9,635 14,459

Share premium account 231,903 124,624 230,585

Merger reserve 4,723 4,723 4,723

Capital redemption 33,244 33,244 33,244
reserve

Profit and loss account 15,674 (6,876) (2,709)
--------- --------- ---------

Shareholders' funds 300,084 165,350 280,302
attributable to equity --------- --------- ---------
interests

Technical provisions 2 1,192,668 1,244,471 919,959

Equalisation provision 15,572 12,624 13,932

Creditors 291,951 209,365 169,729

Provisions for other - 1,742 -
risks and charges

Accruals and deferred 42,740 6,591 34,383
income --------- --------- ---------

Total liabilities 1,843,015 1,640,143 1,418,305
--------- --------- ---------

Net asset value (before 108.6 92.4 101.7
equalisation provision) --------- --------- ---------
pence per share




Consolidated Cash Flow Statement
for the six month period ended 30 June 2003

6 months to 6 months to Year to
30 June 30 June 31 December
2003 2002 2002
(unaudited) (unaudited) (audited)
#000 #000 #000

Net cash inflow/(outflow) from 6,131 10,753 45,069
general business

Net shareholders' cash inflow/ (7,712) (23,037) (23,037)
(outflow) from Lloyd's --------- --------- ---------
business

Net cash inflow/(outflow) from (1,581) (12,284) 22,032
operating activities

Servicing of finance (1,312) (602) (1,709)

Taxation recovered/(paid) - 1,048 777

Capital expenditure (1,609) (713) (3,569)

Equity dividends paid (6,963) - (2,299)

Financing 1,292 (2,011) 108,539
--------- --------- ---------

(10,173) (14,562) 123,771
--------- --------- ---------

Cash flows were invested as
follows:

Increase/(decrease) in cash (20,343) (1,062) 25,288
holding

Net portfolio investment:

Shares and units in unit 37,605 2,748 19,911
trusts

Debt securities and other fixed 54,096 34,097 10,314
income securities

Deposits with credit (81,531) (50,345) 68,265
institutions

Other investments - - (7)
--------- --------- ---------

Net investment of cash flows (10,173) (14,562) 123,771
--------- --------- ---------

Reconciliation of operating profit to net cash inflow/(outflow) from
operating activities:

#000 #000 #000

Operating profit before 26,414 10,821 34,482
taxation and after
interest, based on
longer term investment
return

Depreciation and 1,975 1,617 3,422
amortisation of fixed
assets

Increase in general insurance 12,028 7,788 22,254
technical provisions,
net of reinsurance

Increase/(decrease) in 15,477 14,516 13,238
amounts owed to agents

(Increase)/decrease in (27,546) (7,197) (3,729)
amounts owed by agents

(Increase)/decrease (23,012) (5,253) (1,024)
in other debtors

Increase/(decrease) 16,223 (5,539) 2,721
in other creditors

Realised and unrealised (5,321) 2,139 4,841
investment (gains)/losses

Short term fluctuations 6,725 (5,492) (11,464)
in investment return

Interest expense 922 564 1,432

Cash received from/(paid to) (7,712) (23,037) (23,037)
Lloyd's business

(Profits)/losses relating to (17,020) (3,017) (21,034)
Lloyd's business

Other non-cash transactions (734) (194) (70)
--------- --------- ---------

Net cash inflow/(outflow) from (1,581) (12,284) 22,032
operating activities
--------- --------- ---------


Segmental Information - by business division

6 months to 30 June 2003(unaudited)
London UK International Total
Market/Group Retail Business #000
#000 #000 #000

Profit on ordinary
activities before
taxation - by business
division

Gross premiums written 471,703 77,999 40,930 590,632

Net premiums written 346,496 66,886 26,912 440,294

Net premiums earned 178,679 63,844 24,389 266,912

Investment return based 9,057 3,298 1,198 13,553
on longer term rate of
return

Net claims incurred (118,311) (30,949) (8,279) (157,539)

Acquisition costs (45,149) (17,745) (14,385) (77,279)

Administration (4,619) (10,196) (268) (15,083)
expenses

Other technical income/ 81 - - 81
(expenses) -------- -------- --------- --------

Trading result 19,738 8,252 2,655 30,645

Agency and other 3,221 145 8,491 11,857
income

Profit commission 2,378 - - 2,378

Expenses (7,821) (614) (8,387) (16,822)

Loan interest (922) - - (922)

Goodwill and capacity (702) - (20) (722)
amortization -------- -------- --------- --------

Operating profit based 15,892 7,783 2,739 26,414
on longer term
investment return

Short term fluctuations 3,041 3,361 323 6,725
in investment return

Movement in equalisation - (1,186) (454) (1,640)
provision -------- -------- --------- --------

Profit on ordinary 18,933 9,958 2,608 31,499
activities before ======== ======== ========= ========
taxation

London UK Retail International Total
Market Business



100% level combined 99.3% 90.6% 90.2% 95.9%
ratio ======== ======== ========= ========



Segmental Information - by business division (continued)

6 months to 30 June 2002(unaudited)
London UK Retail International Total
Market/ Business
Group
#000 #000 #000 #000
Profit on ordinary
activities before
taxation - by business
division

Gross premiums 342,479 66,821 33,073 442,373
written

Net premiums written 170,479 58,312 19,193 247,984

Net premiums earned 108,906 59,302 17,050 185,258

Investment return based 6,931 4,172 1,128 12,231
on longer term rate of
return

Net claims incurred (66,905) (31,402) (5,908) (104,215)

Acquisition costs (37,546) (17,199) (12,324) (67,069)

Administration (4,668) (8,123) (99) (12,890)
expenses

Other technical income/ (902) - - (902)
(expenses) -------- -------- --------- --------

Trad

[rambutan2] 21/8/2003 11:49

apart from that its mouth watering. i remember ash and kr both agreeing (the only time ever!) that hiscox were going to come a cropper on their reserving for 9/11. good call chaps.

[ursus] 21/8/2003 11:39

the additional reserving for us terror attacks which HSX has just announced might look bad news at first glance, but i suspect the market reaction so far (sharp rise in price) is the correct one. the new reserves are simply the gross reported claims plus, i suppose, some ibnr (tho there can scarcely be much of that left). why are they doing this? i suspect it is the age old "smoothing" of storming profits to be announced soon. saves tax too.....

[gardenboy] 15/5/2003 18:48

nirvs,

nice one!

[nirvs] 15/5/2003 07:33

went long yesterday with the tick up on the bid. Long at 156p

[gardenboy] 14/5/2003 21:57

Can HSX make a decisive and a positive breakout from here?

Red lines show the pennant formation mentioned by nirvs in previous post.

[nirvs] 13/5/2003 13:40

GoodGrief - Whenever a share gets boring, it moves! Other ilvs are up today...especially AML. The chart has formed a pennant (like AML). Any strong move up thru 155p will make it a buy. Waiting for the move...

[goodgrief] 13/5/2003 08:44

Holding these is getting pretty boring.

[captain swing] 26/3/2003 08:57

HSX made a profit. Added 10 million to WTC reserves, but still a way short of the gross claims. I thought the comment on that was a little defensive. Elsewhere plenty of verbal exuberance from Mr H.

I guess it is testing previous support, now resistance, at 155. I'm betting it on the downside for now [by not buying -- cheap bet].

Over to you stripysuits.

[harleymaxwell] 11/3/2003 17:46

any reasons for the shorts on the ilvs - results should be good?

[nirvs] 11/3/2003 16:35

closed the rest of my short at 147p for 17.5pts. Also closed half AML at 118p. Still short AUW

[captain swing] 11/3/2003 14:42

The ILVs seem determined to make money for us swingers. Got out @155, not the greatest of timing. Will study for a re-entry point.

[square1] 26/2/2003 14:16

Stock broken 50dma and now volume appearing. Sector coming off the boil on rumours of another round of fund raising. Heading lower IMHO.

[nirvs] 21/2/2003 08:20

Closed half for 5.5pts

[nirvs] 19/2/2003 11:59

The chart shows a lovely divergent macd double top. HSX has been in a great uptrend since November, but this seems to be changing. I'm short from 165.5p

[captain swing] 17/1/2003 00:11

This was one of the early leaders today, now lagging. I bet people are switching into the smaller ILVs.

I liked that Indy article, gives off a pleasant smell of money. Reckon I'll stay with HSX.

[captain swing] 16/1/2003 09:23

Looks like a meaningful break today after all the position taking y/day.

The 50k "sell" looks to be 25k being rolled over.

[gardenboy] 30/12/2002 09:38

INDEPENDENT 30 DEC 2002

Profile of Bronek Masojada, chief exec. of Hiscox and dep. chairman
of Lloyd's - also interesting but somewhat sideways look at Hiscox the
company ( including its dealings in the art market).

[gardenboy] 19/12/2002 09:02

HISCOX PLC 19 DEC 2002

QUOTA SHARE REINSURANCE ARRANGEMENT TO INCREASE SYNDICATE 33 CAPACITY TO #705
MILLION FOR 2002


Hiscox plc announced today that in order to take further advantage of very
strong trading conditions in the Lloyd's market, it has secured a qualifying
quota share ("QQS") reinsurance arrangement for the 2002 account for up to #50
million with an affiliate of the Berkshire Hathaway Group. This is in addition
to the existing #151 million of QQS. The QQS reinsurance arrangements will
increase the capacity of Syndicate 33 for 2002 from #504 million to #705
million.


The syndicate capacity for 2003 has been increased to #844 million before
utilisation of QQS reinsurance arrangements which could increase capacity in
2003 by a further 40%.

Robert Hiscox, Chairman of Hiscox plc said:


"We are very pleased to have the support of such a distinguished industry
participant as Berkshire Hathaway. This is an excellent arrangement for Hiscox
shareholders allowing us to increase our exposure to the strongest market in
many years."


gardenboy - note - "strongest market in many years".

[mr ashley james] 09/12/2002 08:29

HSX up another 4.50p

[captain swing] 05/12/2002 21:41

It looked like heavy accumulation today in HSX, more than 4 million traded at prices up to 140.

WUN heavy buying too looked like, AML and SVB also active.

I don't think you have to be terribly clever with this (luckily). Just watch the money talking.

I thought it worth a comment in spite of limited acquaintanceship with insurance matters.

I have thought long and hard and decided to give the current penny punter powered tech rally a total miss, in favour of (among others) the ILV sector.

[goodgrief] 21/11/2002 00:35

Could this be a chart-breakout ? It's certainly climbing above its trading range post-rights-issue.

I missed out on the previous breakout at the end of July which (coincidentally) followed an article in the Sunday Times. I set a buy-limit, and my trade didn't get filled.

This time in at 132p.

[captain swing] 18/11/2002 11:50

Acquisitions... more of Syndicate 33, and professional liability renewals from Denham Direct





Any good?

[captain swing] 15/11/2002 07:33

AFX from a couple of days ago



Standard & Poor's Ratings Services said it has revised its
outlook on Hiscox PLC unit, Hiscox Insurance Co Ltd (HISCO), to positive from
stable.

At the same time, Standard & Poor's affirmed its long-term 'BBB+'
counterparty credit and insurer financial strength ratings on HISCO.

...The outlook revision reflects Standard & Poor's expectation that HISCO's
operating performance will improve over the next two years, it said. The ratings
on HISCO are based on the company's strong and improved capital adequacy, strong
investments and liquidity, good operating performance, good business position,
good and improved financial flexibility, and positive management and strategy.