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Hiscox posts $343.3 million pre-tax profits

Bermuda-based re/insurer Hiscox Ltd posted strong net earnings for 2010, despite being hit with catastrophe claims of £165.5 million ($268.7 million).The London-listed company this morning announced a pre-tax profit of £211.4 million ($343.3 million), compared to £320.6 million in 2009.Hiscox Bermuda's reinsurance unit, which is based at Wessex House, in Reid Street, Hamilton, grew its income by 15.6 percent to $303.8 million, compared to $262.9 million in 2009. But the unit's profits were hit by last year's earthquakes in Chile and New Zealand.Chairman Robert Hiscox said: "Mother Nature has well and truly tested us further in the second half and a full-year pre-tax profit of £211.4 million is further strong evidence of the resilience of our business."