The capital raise, which represented 19.99% of Hiscox’s existing issued ordinary share capital, was announced on Tuesday 5 May and will enable Hiscox to position itself for future growth opportunities and rate improvement in the US wholesale and reinsurance markets as well as prudently position itself to withstand a range of downside scenarios.

Working alongside onshore counsel Allen & Overy, the cross-jurisdictional Carey Olsen team comprised Bermuda partner Mary Ward and Jersey partner Simon Marks. They were assisted by associate Michelle Falcucci (Bermuda) and senior associate Ashley Morrison (Jersey).

Mary said: “Working together with our colleagues in Carey Olsen’s Jersey office, we were delighted to assist Hiscox and Allen & Overy with this important transaction which, once again, underlines the attractiveness of using cash box placings to access alternative sources of funding on an expedited basis.”