THE insurance firm preparing to move into new £19 million purpose built offices in York has reported a fall in profits.

For the year ending December 31, 2014, Hiscox reported pre-tax profits of £231.1 million, down from £244.5 million the previous year.

The company, which is building a new flagship office in Hungate, wrote £1.75 billion of premiums for the year, an increase of £57 million from 2013.

Already employing 120 people at temporary offices in Hungate, Hiscox is looking to relocate to its new £19 million site in summer, where it will ultimately employ a team of 500.

Reporting the full year results Hiscox chairman Robert Childs said: “I recently visited our York office, having the week before returned from visiting our new office in Singapore.

“I was inspired by the enthusiasm and drive of the young teams and the commitment and intellect of the leadership in both places.

“It is pleasing to see that Hiscox businesses, from Singapore, to Atlanta and York all reflect the same values and determination to succeed.”

Despite an overall drop in profits, Hiscox reported a record year for profits across its UK and Europe operations of £73.3 million, up from £56.4 million in 2013.