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HAMILTON, Bermuda - Hiscox (LON:HSX) Ltd, the global specialty insurer, has announced the launch of a share repurchase program with an aggregate consideration of up to $175 million to return capital to shareholders. The program began today, with an initial tranche of $87.5 million set to be completed by the end of the third quarter of 2025.
The company has entered into a non-discretionary agreement with Peel Hunt LLP to manage the initial tranche independently, except in specific circumstances where Hiscox can terminate the mandate. Hiscox plans to cancel the repurchased ordinary shares, aiming solely to reduce its share capital.
The repurchase will be conducted on the London Stock Exchange (LON:LSEG) and/or other recognized investment exchanges, in accordance with the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 as part of UK law, as well as UK Financial Conduct Authority regulations. The number of shares eligible for repurchase under the program is 29,836,837 ordinary shares.
The program’s commencement follows Hiscox’s report of another year of record profits and substantial capital generation, allowing for flexibility in growth opportunities and returning capital to shareholders. Group CEO Aki Hussain attributes this success to the company’s diversified business model and the strong performance of both the Retail business and big-ticket portfolio.
Hiscox intends to initiate a second tranche of the share buyback for an additional $87.5 million in due course. However, there is no guarantee that the program will be fully implemented.
This share buyback announcement is based on a press release statement and reflects the company’s confidence in its financial stability and future prospects.
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