May 5, 2020 / 4:04 PM / 2 months ago

Insurer Hiscox to raise capital via placement amid COVID-19 crisis

May 5 (Reuters) - Lloyd’s of London insurer Hiscox on Tuesday said it would raise capital through a share placement amid a potential hike in business interruption claims in the wake of the coronavirus crisis.

Hiscox, a leading insurer of small and medium-sized businesses, said besides the placement of new ordinary shares of 6.5 pence each, some directors and senior management intended to subscribe to shares at the placing price.

The company added the placed shares and subscription shares would not exceed 19.99% of its existing ordinary share capital.

Reporting by Aby Jose Koilparambil in Bengaluru; editing by David Evans

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