Hiscox has reported a pre-tax loss of $268.5m (£192.3m) in its preliminary financial results for 2020, down from a profit of $53.1m (£38m) reported in 2019.
The loss is considered primarily attributable to the economic downturn resulting from the Covid-19 pandemic.
However, the insurer saw its gross written premiums (GWP) of $4bn (£2.8bn) rise slightly against the previous year.
Bronek Masojada, CEO of Hiscox, said: “Our long-held strategy of balancing big-ticket lines and retail earnings has provided resilience in 2020.
“In 2021, our priorities will switch from resilience to opportunity as we are well-placed to make the most of the best conditions in the London Market in many years and the structural shift to digital across all our lines.”
He added: “I would like to thank our employees for their incredible efforts and our shareholders for their support.”