Feb 26 (Reuters) - Lloyd’s of London underwriter Hiscox reported an over 90 percent fall in full-year pretax profit, as it faced the costliest year ever for insurers and reinsurers due to natural disasters, and pointed to improved pricing in the aftermath.
The insurer, which underwrites a range of risks from oil refineries to kidnappings, reported pretax profit of 30.8 million pounds ($43.17 million) in the year ended Dec. 31, down from 354.4 million pounds in 2016.
Gross written premiums rose to 2.54 billion pounds in the period from 2.40 billion pounds a year earlier.
“Market pricing has improved and as a consequence we have growth ambitions for every part of our business,” CEO Bronek Masojada said.($1 = 0.7135 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)