29th Sep 2006 14:59
Pavilion Insurance Network PLC29 September 2006 29 September 2006 TIDM: PVL Pavilion Insurance Network Plc ("Pavilion" or "the Company") and - Hiscox plc - Further to the regulatory announcement made today regarding Hiscox plc'sacquisition of a 13.45% stake in Pavilion Insurance Network, both parties havemade the following statements in respect of this transaction. Andrew Selby, Chairman and Chief Executive of Pavilion said: "Hiscox is one ofthe UK's most respected insurance businesses and we're delighted that they havetaken such a considerable stake in Pavilion. We believe their decision to investin the Company supports our own conviction in the growth potential of Pavilion'sniche market operations and web based strategy which is backed up by our ownunique technology infrastructure. We are already co-operating with them on aplanned new product addition, and I look forward to their long term support." Mr Selby commented further; "My decision to allow a small percentage of myfamily's holdings in Pavilion to be sold to form part of the Hiscox stake wastaken on the basis that I believe Hiscox's investment is good for the Companyand its shareholders. As the largest shareholder I also believe that a smalldilution in my holdings is no bad thing, especially as we will thereby gain avaluable and important investor in our business." David Astor, Chief Investment Officer for Hiscox added: "We are very happy tobecome investors in Pavilion at a particularly exciting time in the developmentof their business." Ends For further information please contact: Pavilion Insurance Network Plc Parkgreen Communications Hiscox plcAndrew Selby Justine Howarth / Ana Ribeiro David AstorTel: 02476 851001 Tel: 020 7493 3713 020 7448 6000 Notes to Editors About Pavilion • Pavilion Insurance Network plc listed on the London Stock Exchange'sAlternative Investment Market (TIDM: PVL) in June 2004. • Pavilion is a provider of specialist insurance products via its mainoperating subsidiary Pavilion Insurance Management Limited, including:Musicguard, Orchestralguard, Liabilityguard, DJguard, Photoguard, Cycleguard,Tackleguard, Studentguard and Gizmoguard. • Pavilion develops and fulfils its own software development (ISIS),claims handling and administration as well as marketing each brand individually. • Pavilion products can be financed through a Pavilion company, PINFinance, allowing customers to spread the cost over 12 monthly payments ratherthan meet one annual demand. For further information; visit www.pinplc.co.uk About Hiscox plc Hiscox plc is a specialist insurance group listed on the London Stock Exchange.There are three main underwriting parts of the Group - Hiscox Global Markets,Hiscox UK and Europe, and Hiscox International. Hiscox Global Marketsunderwrites mainly internationally traded business in the London Market -generally large or complex business which needs to be shared with other insurersor needs the international licences of Lloyd's. Hiscox UK and Hiscox Europeoffer a range of specialist insurance for professionals and business customers,as well as high net worth individuals. Hiscox International includes offshoreoperations in Bermuda and Guernsey and Hiscox USA. For further information, visit www.hiscox.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hiscox