Hiscox to move Bermuda for tax purposes
04/10/2006 Insurance company to move its domicile abroad for tax reasons
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Hiscox has announced it is to move its domicile from London to Bermuda in order take advantage of a more favourable tax regime. The chairman of the the Lloyd's of London underwriter, said 'If you were starting a new insurance company, you wouldn't start in London'. He said that regulation was easier in Bermuda and that there were significant tax advantages. The move will not affect dividend policies.
Hiscox pre-tax profits fell to £61.3 million in the first half from £88.1 million last year. The company said that gross written premiums rose to £625.1 million in the first half from £437.2 million.
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