Hiscox reported a significant loss for the full year in 2020, which it blamed on the impact of COVID-19, but insisted it is well positioned to capitalise on market opportunities in 2021.
The re/insurer made a loss before tax of $268.5 million in 2020, turning around the $53.1 million of profit earned in 2019.
Gross written premiums for the group held steady at $4.03 billion, the same as the previous year, but Hiscox Re & ILS saw gross written premiums decline to $743.4 million, from $866.5 million 12 months before.
The group combined ratio increased to 114.5 percent in 2020, from 106.8 percent in 2019.
Bronek Masojada, Hiscox’s chief executive officer, said the re/insurer’s strategy of balancing big-ticket lines and retail earnings had provided resilience in 2020.
“In 2021, our priorities will switch from resilience to opportunity as we are well-placed to make the most of the best conditions in the London Market in many years and the structural shift to digital across all our lines,” he said.
Hiscox, Bronek Masojada, Results