Hiscox has sent out a circular to shareholders setting out full details of its corporate reorganisation together with a prospectus relating to the admission of Hiscox (Bermuda) to listing and trading on the London Stock Exchange's main market for listed securities.
The group's new Bermudian domiciled holding company, Hiscox, is set to be listed on the London Stock Exchange and will replace Hiscox as a member of the FTSE 250 Index.
At this stage it is not expected that Hiscox's existing dividend policy will be affected and shareholders will have the right to elect to receive UK sourced dividends.
The Board has now decided that it is appropriate to move the domicile of the group to Bermuda, a move which it expects will see an increased flow of business from the US and Bermuda. Indeed, since the opening of Hiscox Bermuda and Hiscox US a number of new brokers have begun to show new business to the group.
Robert Hiscox, Bronek Masojada, Stuart Bridges and Robert Childs, Hiscox's current executive directors, will continue in their roles as the executive directors of Hiscox.
Carol Franklin Engler and Sir Mervyn Pedelty, currently non-executive directors of Hiscox, have each been appointed a non-executive director of Hiscox.
Should the scheme become effective Anthony Howland Jackson, Derek Netherton and Adrian Auer will resign as non-executive directors of Hiscox and will not become directors of Hiscox.
Daniel Healy, Dr James King, Andrea Rosen and Dirk Stuurop have each been appointed a non-executive director of Hiscox.
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