Hiscox’s Ordinary Shares Placing On The LSE

Allen & Overy and Carey Olsen advised Hiscox on the deal.

Hiscox made a non-pre-emptive placing of new ordinary shares on the London Stock Exchange (LSE). In conjunction with the placing, certain directors and senior management subscribed for new ordinary shares and together with the placing raised gross proceeds of approximately £375 million.

The capital raise, which represented 19.99% of Hiscox’s existing issued ordinary share capital, was announced on Tuesday 5 May and will enable Hiscox to position itself for future growth opportunities and rate improvement in the US wholesale and reinsurance markets as well as prudently position itself to withstand a range of downside scenarios.

Working alongside onshore counsel Allen & Overy, the cross-jurisdictional Carey Olsen team was led in Bermuda by partner Mary Ward (Picture), assisted by associate Michelle Falcucci and in Jersey by partner Simon Marks, assisted by senior associate Ashley Morrison.

Involved fees earner: Michelle Falcucci – Carey Olsen; Simon Marks – Carey Olsen; Ashley Morrison – Carey Olsen; Mary Ward – Carey Olsen;

Law Firms: Carey Olsen;

Clients: Hiscox Ltd;

Author: Ambrogio Visconti.