8th Jul 2024 12:12
(Alliance News) - Hiscox Ltd is attracting bid interest and could be up for a sale, with Japan's Sompo Holdings Inc and Italy's Assicurazioni Generali Spa eyeing a potential acquisition, a trade publication reported on Monday.
The Hamilton, Bermuda-based insurer could be set up for a sale, according to Insurance Insider.
https://www.insuranceinsider.com/article/2dgvx116em397q42ewjcw/london-market/hiscox-ownership-in-the-spotlight-as-suitors-circle
Sompo is a Tokyo-based provider of property and casualty insurance. Assicurazioni Generali is a Trieste, Italy-based general insurer.
In May, Hiscox posted healthy growth in first quarter insurance contract written premiums, despite a drop in the London market which followed the non-renewal of a large contract.
Insurance contract written premiums totalled USD1.54 billion in the first-quarter of the year, a rise of 8.3% from USD1.42 billion a year prior.
In Hiscox Retail, there was growth of 8.1%, while in the reinsurance and insurance-linked strategy unit, it climbed 19%.
Hiscox shares were up 12% to 1,255.00 pence midday Monday in London, giving it a market capitalisation of around GBP4.28 billion.
Assicurazioni Generali shares were 0.6% higher at EUR23.93 each in Milan.
By Tom Budszus, Alliance News slot editor
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