Hiscox Ltd. (HSX.L), an international insurance group, Thursday announced a plan to buy back its ordinary shares each valued at 6.5 pence for up to $175 million to return extra capital to shareholders.
The buyback program starts today with an initial $87.5 million phase, set to finish by the end of the third quarter of 2025.
Hiscox said it plans to cancel the repurchased shares, aiming to reduce its total share capital.
As of today, up to 29,836,837 ordinary shares can be repurchased under the program. The first phase will continue until the total spend reaches, or comes close to $87.5 million or until it is otherwise terminated.
The company plans to start a second tranche of the share buyback program later, with a maximum budget of $87.5 million.
Wednesday, Hiscox had closed 4.97% higher at $1119 on the London Stock Exchange.
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