Hiscox has announced that its biggest investor, US insurer Chubb, will not buy any shares on sale as part of its £110.5m rights offering.

Existing investors have ordered 63% of the stock that was on sale. Chubb, which owns 28.3% of Hiscox and opposed the rights issue, will see its stake in the company fall to 19%.

Hiscox said around 62.7% of the new ordinary shares has been taken up for the rights issue by 10.30 am today, the latest time and date for acceptance and payment in full.

This provisional level of acceptance did not include any acceptance by Chubb Investment Services Ltd, which is entitled to around 28.3% of the total new shares being offered.

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