LONDON—The specialist insurer Hiscox reported record profits yesterday, despite the current troubles in the financial sector, reports the Guardian. The London-based firm is best known for its policies covering fine art, kidnapping, and the Olympics.

At its Bermuda-based underwriter, Lloyd's of London, pre-tax profits climbed to £109.2 million ($203 million) in the first six months of the year, up from £105.6 million a year ago. Dividends are up 6.3 percent and share prices up 2.5 percent.

Chairman Robert Hiscox said: "It is very pleasing — and slightly surreal — to be able to announce record half-year results when the financial markets are in turmoil."

The insurer's biggest division, global markets, saw a 23 percent loss in gross premiums — to £344 in the first half — but the international operation grew from £12.1 million to £20.3 million in profits, and the U.K. and European businesses from £6.6 million to £16.3 million.