Hiscox Ltd has provided an update on its share repurchase programme, which was initially announced on 5 March 2024. The company completed the initial tranche of the programme on 2 May 2024, purchasing 4,896,100 Ordinary Shares for a total of $75 million. Hiscox has now entered into an agreement with Citigroup Global Markets Limited to conduct the second tranche of the Programme, with a maximum aggregate consideration of $75 million. The purchases 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 being conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, as well as applicable laws and the regulations of the UK Financial Conduct Authority. The purpose of the Programme is to reduce the issued share capital of the Company, and 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.
Hiscox is a global specialist insurer headquartered in Bermuda and listed on the London Stock Exchange. The company employs over 3,000 people in 14 countries and offers 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.