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HAMILTON, BERMUDA - Investment giant BlackRock (NYSE:BLK), Inc. has increased its stake in insurer Hiscox (LON:HSX) Ltd to 5.14% of voting rights, according to a regulatory filing disclosed Tuesday.
The threshold crossing occurred on July 31, with Hiscox being notified on August 4. BlackRock now holds 17,368,660 voting rights in the Bermuda-based insurer.
According to the standard notification of major shareholding, BlackRock’s previous position stood at 4.77%, consisting of 4.42% in voting rights attached to shares and 0.35% through financial instruments.
The increase in BlackRock’s holding reportedly followed "client instruction to elect for decision making on voting rights," as stated in the filing.
The majority of BlackRock’s current position consists of indirect voting rights, with 17,342,886 shares representing 5.14% of Hiscox’s total. The investment firm also holds a small number of voting rights through financial instruments, including American Depository Receipts, securities lending arrangements, and Contracts for Difference (CFDs).
BlackRock, headquartered in Wilmington, USA, controls these holdings through various subsidiaries in its corporate structure, as detailed in the regulatory disclosure.
The information was provided through a TR-1 standard form notification, which is required when an entity crosses certain ownership thresholds in a publicly traded company.
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