LONDON (Bloomberg) - Bermuda-based insurer Hiscox Ltd. said that hurricanes Gustav and Ike cost an estimated $25 million and $150 million respectively.

The insurer is planning to raise capacity at its £550 million ($861 million) Syndicate 33 unit by £200 million in 2009, the Lloyd's of London company said in a Regulatory News Service statement yesterday. Hiscox is also applying to Lloyd's for a new syndicate with capacity of about £60 million, it added.

"Currency gains currently outweigh any effect from the hurricanes on our forecast underwriting profit and should overall have a positive impact,'' Hiscox said.