Hurricanes, earthquakes and wildfires slashed profit last year for Bermuda-based specialty insurer Hiscox.

Pre-tax earnings fell to £30.8 million ($54.9 million) from £354.5 million ($631.4 million) in 2016, while gross written premium grew 6.1% to £2.5 billion ($4.5 billion).

The combined operating ratio deteriorated to 99.9% from 84.2%.

The retail business provided the major share of profit and accounted for 56% of overall GWP. Hiscox USA achieved premium growth of 29%, excluding currency impacts.

“The strong growth and profits in retail countered the volatility felt in our big-ticket businesses, which were impacted by a historic year for natural catastrophes,” CEO Bronek Masojada said.

“We have made significant investments in infrastructure and brand, both of which will continue. Market pricing has improved and, as a consequence, we have growth ambitions for every part of our business.”

The company is critical of current regulatory reviews and changes, highlighting Brexit, US tax reform, EU General Data Protection Regulation, New York cyber-security regulation, Europe’s Insurance Distribution Directive and thematic reviews.

“It’s hard not to feel tormented by regulation,” Chairman Robert Childs said.

“I’m sure I’m not alone in appealing for some reprieve from the regulatory leapfrog while we deal with so many sizable global issues.”