Hiscox Ltd - Response to press speculation
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Response to press speculation
Hamilton, Bermuda -
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.
Marc Wetherhill was responsible for the disclosure of this announcement for the purposes of MAR.
For further information:
Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278 8321
Kylie O'Connor, Group Communications Director, London +44 (0)20 7448 6656
Ryan Thompson, Investor Relations Manager, London +44 (0)20 7448 6522
Tom Burns +44 (0)20 7404 5959
Simone Selzer +44 (0)20 7404 5959
Notes to editors
Hiscox response to Covid-19
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
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the
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.
This information is provided by RNS, the news service of the
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Market Cap: £2.73 billion
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