Update on share repurchase
programme
Hamilton, Bermuda (3 May 2024) - Hiscox Ltd ("Hiscox" or the "Company") today announces that,
further to the share repurchase programme announced on 5 March 2024
to buy back its ordinary shares of 6.5 pence each ("Ordinary
Shares") for a maximum aggregate consideration of $150 million (the
"Programme"), the Company completed the initial tranche of the
Programme on 2 May 2024. The Company purchased 4,896,100 Ordinary
Shares between 5 March 2024 and 2 May 2024 pursuant to the
agreement with Peel Hunt LLP to conduct the initial tranche of the
programme totalling $75 million (excluding expenses).
Having completed the initial
tranche, Hiscox has entered into an agreement with Citigroup Global
Markets Limited ("Citigroup") to conduct the second tranche of the
Programme, commencing today and ending no later than the end of the
third quarter of 2024, for a maximum aggregate consideration of $75
million with the Company subsequently purchasing its Ordinary
Shares from Citigroup. Under this arrangement, Citigroup will act
as principal.
Purchases under the Programme will
take place in open market transactions and may be made from time to
time by Citigroup, depending on market conditions, share price and
trading volumes. The Programme is effected under the authority
granted by shareholders at the Company's 2023 Annual General
Meeting held on 11 May 2023 (and any subsequent authority), the
maximum number of shares that may be repurchased under the
Programme is 34,655,073 Ordinary Shares. Following the completion
of tranche one, 29,758,973 Ordinary Shares can be purchased under
the second tranche of the Programme. Any purchases contemplated by
this announcement will be carried out on the London Stock Exchange
and/or other recognised investment exchange(s).
The Programme will end when the
maximum aggregate consideration under the second tranche reaches
$75 million or as otherwise terminated.
The Programme will continue to be
conducted within the parameters prescribed by the Market Abuse
Regulation 596/2014 and the Commission Delegated Regulation (EU)
2016/1052 as it forms part of UK law pursuant to the UK's European
Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU
Exit) Regulations 2019) as well as applicable laws and the
regulations of the UK Financial Conduct Authority (including
Chapter 12 of the Listing Rules).
The purpose of the Programme is to
reduce the issued share capital of the Company. The purchased
Ordinary Shares will be cancelled.
Any repurchase of shares will be
announced no later than 7:30 a.m. on the business day following the
calendar day on which the repurchase occurred.
There is no guarantee that the
Programme will be implemented in full.
ENDS
For
further information
Investors and analysts
Yana O'Sullivan, Director of
Investor Relations, London +44 (0)20 3321 5598
Marc Wetherhill, Group Company
Secretary, Bermuda +1 441 278 8300
Media
Eleanor Orebi Gann, Group Director
of Communications, London +44 (0)20 7081
4815
Simone Selzer, Brunswick +44 (0)20
7404 5959
Tom Burns, Brunswick +44 (0)20 7404
5959
Notes to
editors
About The Hiscox Group
Hiscox is a global specialist
insurer, headquartered in Bermuda and listed on the
London Stock Exchange (LSE:HSX). Our ambition is to be a respected
specialist insurer with a diverse portfolio by product and
geography. We believe that building balance between
catastrophe-exposed business and less volatile local specialty
business gives us opportunities for profitable growth throughout
the insurance cycle.
The Hiscox Group employs over 3,000
people in 14 countries, and has customers worldwide. Through the
retail businesses in the USA, UK, Europe and Asia, we offer a range
of specialist insurance products in commercial and personal lines.
Internationally-traded, bigger-ticket business and reinsurance is
underwritten through Hiscox London Market and Hiscox Re &
ILS.
Our values define our business, with
a focus on people, courage, ownership and integrity. We pride
ourselves on being true to our word and our award-winning claims
service is testament to that. For more
information, visit www.hiscoxgroup.com.