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Hiscox Due for Promotion

Tue, 21st May 2019

Insurance company Hiscox is set to join the FTSE 100 on December 24. The company will be moving up to the top flight alongside Sarco Engineering, and the pair will be replacing Just Eat and Royal Mail, who are being demoted to the FTSE 250.

The announcement follows the quarterly review of the UK’s leading indexes, and also comes a month after the group, which is headquartered in Bermuda, reported higher gross writtep premiums overall as well as across its London market, retail and reinsurance segments.

Hiscox says that its GWP in total has risen by 14.3 percent, to more than $3 billion for the nine months leading up to the end of September.

In other reshuffle related news, AA and Thomas Cook Group will be demoted out of the FTSE 250. The reshuffle of the index will occur on December 24 and is based on the comparative market capitalisations of the indexes at the close of trading on the last day of each quarter. Royal Mail has had a rocky time since floating on the London markets, and has been on the brink of demotion on several occasions. The company is currently struggling in the face of increasing competition from international companies for parcel deliveries, and falling profits for its letters business.

Overall, the FTSE 100 has seen a dip as a part of a wider sell-off in the global markets, thanks in part to renewed concerns over trade tensions between the United States and China.

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