Hiscox has unveiled results for its first-half interim period (for the six months ending June 30, 2017), showing that despite “on-going headwinds,” the Lloyd’s underwriter managed to turn in a modest profit.

The specialist insurance provider reported a gross written premium of £1,459.6 million (approximately US$1,914.9 million) for the first half of 2017 ending June 30 – £171.1 million (about US$224.4 million) more than for the same period last year. In addition, the company’s net premiums earned for the first half of 2017 came in at £936.6 million (about US$1.2 billion), compared to last year’s £767.5 million (approximately US$1.004 billion).

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According to a release, Hiscox’s profits before tax increased year-over-year by 12.5%, excluding the impact of foreign exchange. The underwriter credited its retail business as the main driver of its profit for H1 2017. Hiscox’s USA operations have also been recognized as a “stand-out performer,” generating 31.1% premium growth (in USD).

“We are managing the cycle and driving retail growth, as our long-held strategy of balancing the portfolio between volatile big-ticket business and steady retail business continues to deliver,” commented Hiscox CEO Bronek Masojada. “Despite tough market conditions we are finding opportunities.”