Share Repurchase Programme.

Hiscox Ltd

03 May 2024

 

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 [phone]

Marc Wetherhill, Group Company Secretary, Bermuda [phone]

Media

Eleanor Orebi Gann, Group Director of Communications, London [phone]

Simone Selzer, Brunswick [phone]

Tom Burns, Brunswick [phone]

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.

 

END