Carey Olsen Advises Hiscox on LSE Capital Raising
Lawyers from Carey Olsen’s corporate team have advised international specialist insurer Hiscox on its non-pre-emptive placing of new ordinary shares on the London Stock Exchange (LSE). In conjunction with the placing, certain directors and senior management subscribed for new ordinary shares and together with the placing raised gross proceeds of approximately £375 million.
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.”