Hiscox

Structured by geography and product, our long-held business strategy has helped us grow from a niche Lloyd's underwriter to an international insurance group with a powerful consumer brand. Big-ticket - these are the biggest insurance risks we underwrite and are normally traded internationally and through a broker.

We are a uniquely balanced insurer with a powerful brand, strong balance sheet and plenty of room to grow. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.

Our diversity by product and geography means we can adapt to market conditions and gives us opportunities for profitable growth throughout the insurance cycle.We have a history of disciplined financial and capital management to maximise profitable performance. We have built a reputation for being a great company with great people and great relationships by doing business according to our values.

All foreign exchange gains and losses are now managed centrally. This has resulted in the representation of the Group combined ratio for 2019 to 106.8% (from 105.7%). Please see note 6 for further details. Our long-held strategy of balancing big-ticket lines and retail earnings has provided resilience in 2020.

As a Group we have a robust and embedded risk management strategy which aims to maximise return on equity within a defined risk appetite. The Group's success is dependent on how well we understand and manage our exposures to principal risks. The possibility of adverse outcomes that may result from strategic initiatives taken or not taken by the Group.

Strong underwriting discipline, a diversified strategy and sound capital management lead to a lower risk profile for the Group. We always underwrite for profit, not for market share, and we actively manage our business mix according to the conditions in each sector. Hiscox Syndicate 33 has an A (Excellent) syndicate rating from A.M. Best.