11th Jul 2005 07:00
Hiscox PLC11 July 2005 HISCOX PLC ANNOUNCEMENT Disposal of Shareholding in Heritage Group Limited Hiscox plc ("Hiscox") announces today that its subsidiary, Hiscox InsuranceCompany (Guernsey) Ltd, has disposed of a 49 per cent interest in Heritage GroupLimited, an independent financial services group based in Guernsey, Jersey andLondon. The shareholding has been sold for a total consideration of £3.75 million toHologram Holdings Limited, a company owned by the management team at Heritage.An original investment of £250,000 was made between 2001 and 2003. A net profitof £2.8 million will be recognised in Hiscox plc's 2005 accounts. The shareholding was originally purchased by Hiscox to support the managementteam in their management buy-out from their owners, given the strong tradingrelationship between the two organisations. That relationship continues todaywith Heritage Group managing the back-office for Hiscox in Guernsey. - ends - For further information: Hiscox plcBronek Masojada Chief Executive 020 7448 6012Stuart Bridges Finance Director 020 7448 6013Fiona Fong Director of Communications 020 7448 6447 The Maitland ConsultancySuzanne Bartch 020 7399 5151 Notes to editors Hiscox plc is a specialist insurance group listed on the London Stock Exchangewhere it has a market capitalization of circa £500 million. There are three mainunderwriting parts of the Group - Global Markets, UK and International Retail.The Global Markets business underwrites, via Syndicate 33, mainlyinternationally traded business in the London Market - generally large orcomplex business which needs to be shared with other insurers or needs theinternational licences of Lloyd's. The UK business offers a wide range ofspecialist insurance for professionals and business customers, as well as highnet worth individuals. It has regional offices in Birmingham, Glasgow, Leeds,Maidenhead and Colchester. The European business has offices in Paris,Amsterdam, Munich, Brussels and Guernsey and writes mainly high value householdbusiness and some specialist professional indemnity business. Guernseyunderwrites kidnap and ransom business and fine art. For further information, goto www.hiscox.com The Heritage Group is an independent financial services organisation thatmanages over $1billion of assets from offices in Guernsey, Jersey and London.Through Prism, its captive management company, the Group is a member of theChannel Island Stock Exchange. Group services include captive insurance andprotected cell company management, offshore financial structures includingtrusts and companies, aircraft and marine registration, insurance broking andunderwriting management. The roots of the original management team go back overtwenty years and clients range from high net worth individuals to some of theworld's major corporations. For further information go to www.heritage.co.gg This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hiscox