We set out below the composition of the H1 2016 combined ratios as the companies have slightly different reporting methods ie including or excluding certain central costs and FX. Hiscox also reports as if it owns 100% of its syndicate capacity, which adds another small wrinkle. Looking at the reported results and including all costs but excluding FX, we can see that Novae reported the highest combined ratio at 96.1%, followed by Hiscox at 90.8% and then Beazley at 89.7%. Lancashire was lowest ....