19th Jan 2015 08:35
LONDON (Alliance News) - FTSE 250-listed insurance underwriter Hiscox Ltd on Monday said total assets under management in its Kiskadee insurance-linked strategies funds rose to USD400 million at January 1.
Hiscox said it has received commitments from existing investors, along with strong inflows from new investors, and has received commitments of additional capital between now and the summer 2015 reinsurance renewal season.
Hiscox launched the funds in 2013 but did not provide any figures on the volume of funds under management during 2014.
"Our Kiskadee funds combine superior risk selection with diversified market access provided by the Hiscox Group. We believe this is a truly distinctive offering and so are pleased at the enthusiastic response from new and existing investors," said Hiscox Chief Executive Officer Jeremy Pinchin.
Hiscox shares were up 0.7% to 741.00 pence in early trade on Monday. The stock's target price was raised on Monday to 625p from 607p by Goldman Sachs, which reiterated its Sell recommendation.
By Sam Unsted; [email protected]; @SamUAtAlliance
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