Business
Response to press speculation
Response to press speculation.
About this update from Hiscox Ltd
[{"type":"text","content":"\n \n \n RNS Number : 2332L\n Hiscox Ltd\n 29 April 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n 29 April 2020\n \n \n \n \n \n Response to press speculation\n \n \n \n \n \n \n \n \n Hamilton, Bermuda\n - Hiscox Ltd (\"Hiscox\" or the \"Group\") notes the recent press speculation regarding a potential capital raise. \n \n \n 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. \n \n \n 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.\n \n \n 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.\n \n \n \n \n \n A further announcement will be made if and when appropriate.\n \n \n \n \n \n ENDS\n \n \n Marc Wetherhill was responsible for the disclosure of this announcement\n \n for the purposes of MAR.\n \n \n \n \n \n For further information:\n \n \n Hiscox Ltd\n \n \n Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278 8321\n \n \n Kylie O'Connor, Group Communications Director, London +44 (0)20 7448 6656 \n \n \n Ryan Thompson, Investor Relations Manager, London +44 (0)20 7448 6522\n \n \n \n Brunswick\n \n \n Tom Burns +44 (0)20 7404 5959\n \n \n Simone Selzer +44 (0)20 7404 5959\n \n \n \n \n \n Notes to editors\n \n \n Hiscox response to Covid-19\n \n \n 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 ...