Bermuda-incorporated insurance provider Hiscox has reported a decline in its profit before tax to £17.3m in 2011 when compared to £211.4m recorded in the previous year.

Hiscox has reported a rise in its gross written premiums levels to £1.44bn for the year 2011, in comparison to £1.43bn for the previous year while the company’s net premiums earned increased to £1.14bn in 2011, compared to £1.13bn during the previous year.

Hiscox Europe’s profit had, however, fell to £2.4m in 2011, compared to £10.8m in 2010.

Hiscox UK’s retail business achieved a record profit of £49.0m in 2011, compared to £28.8m reported in the previous year while the Hiscox London Market offset catastrophe reinsurance losses with profit of £57.6m in international property, marine, and other specialist lines.

Hiscox International swung to a loss of £89.5m in 2011 majorly due to the catastrophe events when companred to a profit of £43.1m in 2010 and its premiums shrank 9.7% to £365.8m against £405.2m in 2010.