Hiscox increases share buyback program from $175 million to $275 million

HAMILTON, Bermuda - Insurance company Hiscox Ltd (LSE:LON:HSX) announced Wednesday it is increasing its share repurchase program from $175 million to $275 million, expanding the initial tranche from $87.5 million to $137.5 million.

The company plans to complete the initial tranche around the end of the third quarter of 2025. Hiscox has amended its agreement with Peel Hunt LLP to conduct this portion of the program, with Peel Hunt acting as principal and making trading decisions independently.

Purchases will take place in open market transactions on the London Stock Exchange (LON:LSEG) and potentially other recognized investment exchanges. The company intends to cancel all ordinary shares purchased, with the sole purpose of reducing Hiscox’s share capital.

The buyback will operate under shareholder authority granted at the company’s Annual General Meeting held on May 15, 2025, with a maximum of 33,995,732 ordinary shares eligible for repurchase.

Hiscox Group CEO Aki Hussain cited strong first-half performance across all business segments as enabling the increased capital return.

"We have delivered a strong performance in the first half with profitable growth in each of our businesses," Hussain said. "We are achieving sustained and strong capital formation which underpins our increased return of capital to shareholders."

The company plans to initiate a second tranche of the share buyback program for up to $137.5 million at a later date.

According to the press release statement, Hiscox achieved an operating return on tangible equity of 14.5% despite what it described as "the largest wildfire insurance event in history."

Hiscox is a global specialist insurer headquartered in Bermuda with operations in 13 countries.

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