REG - Hiscox Ltd - Share Repurchase Programme.

HiscoxAnnouncement

03/05/2024 07:15

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RNS Number : 0878N  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 +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 (http://www.hiscoxgroup.com) .

 

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