Hiscox Ltd (HSX.L), on Wednesday, announced an increase to its share buyback programme.
The company has increased its maximum aggregate consideration from $175 million to $275 million to return additional capital to shareholders. This expanded initiative includes a boost to the initial tranche, which will now total $137.5 million, up from $87.5 million, and is expected to be completed by the end of Q3 2025.
To facilitate the initial tranche, Hiscox has amended its non-discretionary agreement with Peel Hunt LLP, which will act as principal and execute trades independently of the company, except in limited circumstances where Hiscox may terminate the mandate. The company will subsequently purchase its Ordinary Shares from Peel Hunt and intends to cancel all shares acquired under the programme, with the sole purpose of reducing its share capital.
The initial tranche, excluding expenses, is capped at $137.5 million. Hiscox also plans to initiate a second tranche in due course, with a further maximum consideration of up to $137.5 million.
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