13th Apr 2005 11:38
Hiscox PLC13 April 2005 Sale of shares in Hiscox plc Hiscox Investment Management, the fund management subsidiary of Hiscox plc,today announced the sale of shares in Hiscox plc by the Hiscox InsurancePortfolio Fund (the "Fund"). The Fund held under one per cent of the issuedshare capital of Hiscox plc. In response to increasing regulation and in order to avoid any conflict ofinterest that may occur in the future, Hiscox Investment Management, theinvestment advisers to the Fund have concluded that it is no longer appropriateto hold shares in Hiscox plc in the Fund. As a consequence, the Fund has soldall its shares in Hiscox plc and will not hold Hiscox plc shares in the future. - ends- For further information: Hiscox Investment ManagementAlec Foster Chief Investment Officer 020 7448 6022 Hiscox plcBronek Masojada Chief Executive 020 7448 6012Stuart Bridges Finance Director 020 7448 6013Fiona Fong Director of Communications 020 7448 6447 The Maitland ConsultancyPhilip Gawith 020 7379 5151Suzanne 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 - Syndicate 33 at Lloyd's, UK Retail andInternational Retail. Syndicate 33 underwrites mainly internationally tradedbusiness in the London Market - generally large or complex business which needsto be shared with other insurers or needs the international licenses of Lloyd's.The UK Retail business offers a wide range of specialist insurance forprofessionals and business customers, as well as high net worth individuals. Ithas regional offices in Birmingham, Glasgow, Leeds, Maidenhead and Colchester.The International Retail business has offices in Paris, Amsterdam, Munich,Brussels and Guernsey. The European offices write mainly high value householdbusiness and some specialist professional indemnity business. The Guernseyoffice underwrites kidnap and ransom business and fine art. For furtherinformation, go to www.hiscox.com The Hiscox Insurance Portfolio fund is a UK OEIC which allows third parties toinvest in the international insurance sector. With £63 million under management,the fund was set up to offer investors the opportunity to invest in an insurancefund managed from within the industry. The fund invests exclusively in aportfolio of quoted international insurance shares and has significantlyoutperformed its benchmark since its launch in October 1998, rising 42.0% overthis period against a 10.9% increase in the benchmark (Datamark World InsuranceIndex (US$)). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hiscox