Hamilton, Bermuda - Hiscox Ltd (“Hiscox” or the “Group”) notes the recent press speculation regarding a potential capital raise.
The COVID-19 pandemic has resulted in unprecedented global economic uncertainty. The Hiscox Board believes the Group has sufficient capital to meet expected liabilities arising as a result of exposures to the pandemic.
Hiscox expects the resultant uncertainty arising from the pandemic and consequent capital contraction to result in rates hardening across US wholesale and reinsurance markets. Whilst Hiscox’s capital, liquidity and funding positions remain robust, Hiscox is evaluating possible sources of capital to respond in an appropriate way to these market dynamics, which could include raising new equity.
No decision has been made on whether to proceed with a capital raise or with regards to the timing or size of any such capital raise.
A further announcement will be made if and when appropriate.
ENDS
Marc Wetherhill was responsible for the disclosure of this announcement for the purposes of MAR.
For further information:
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Hiscox Ltd |
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Marc Wetherhill, Group Company Secretary, Bermuda |
+1 441 278 8321 |
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Kylie O’Connor, Group Communications Director, London Ryan Thompson, Investor Relations Manager, London |
+44 (0)20 7448 6656 +44 (0)20 7448 6522 |
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Brunswick |
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Tom Burns |
+44 (0)20 7404 5959 |
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Simone Selzer |
+44 (0)20 7404 5959 |
Notes to editors:
Hiscox response to Covid-19: staff and society
Hiscox is committed to supporting the international response to this pandemic. The Group has over 95% of employees around the world working from home and is supporting them through flexible working and the provision of mental health and wellbeing services. Wherever possible operations have been reorganised to deploy more employees to provide customer support. The Group has committed to stand by existing employees by retaining all current roles on full pay until the end of the year. Hiscox is not furloughing any staff and has not accessed any government support schemes.
Hiscox is working with the rest of the insurance industry, including the Association of British Insurers, to identify where it can direct financial support that will have the most impact. Through the Hiscox Foundation, the Group is also supporting vulnerable groups via donations to established charities such as the Trussell Trust and Age UK and around the world is donating to food banks, the Red Cross and Personal Protective Equipment (PPE) funds.
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 3,100 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. 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.
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