NU Online News Service, March. 1, 3:42 p.m. EST

Specialist insurer and reinsurer Hiscox Ltd. reported 2009 profits increased by 296 percent over the previous year, helped by investment results and a lack of catastrophe losses.

The company said the posted profit of ?280.5 million ($420.4 million), compared with a 2008 profit after tax of ?70.8 million ($106.1 million), was a record for the firm.

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