Hiscox profits fall after £128m claims hit from LA wildfires

The wildfires raged in California during the first half of January (Alamy/PA) -

Insurer Hiscox has boosted returns for investors despite seeing half-year profits fall after a £128 million hit from the “largest wildfire insurance event” ever recorded after January’s devastating Los Angeles fires.

The specialist insurer revealed earlier this year it was expecting claims to reach 170 million US dollars (£128 million) – an estimate which still stands, it said on Tuesday.