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Hiscox Completes Bermuda Move

by Amanda Banks,, London

15 December 2006

London-based insurer, Hiscox has announced that its corporate reorganisation to introduce a new Bermudian domiciled holding company for the Group (Hiscox Ltd) has become effective.

The board revealed on Tuesday that shareholder approval for the move was received at an extraordinary general meeting of the company held last month.

The new ordinary shares of Hiscox Ltd commenced trading on the London Stock Exchange on Tuesday. Hiscox plc’s shares were de-listed from the Official List and from the London Stock Exchange's main market for listed securities earlier in the day.

Hiscox Ltd said that it would put in place a dividend access mechanism which is designed to preserve the current UK tax treatment of UK-resident shareholders in relation to dividends to be paid by Hiscox Ltd. Under this dividend access mechanism, holders of Hiscox Ltd shares may elect to be paid dividends from Hiscox plc via a trustee rather than from Hiscox Ltd.

Bermuda's more favourable tax regime and its proximity to its increasingly important US market have been cited by the company as the major reasons for the formation of the new entity.

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