Chubb's holding in Hiscox fell to 18.9% from 28.3% when it failed to buy into the Lloyd's insurer's rights issue.

The sale achieved a 62.8% take-up rate from other shareholders. The capital raising exercise offered shares at 120p each on a one-for-two basis. Left over shares were placed with institutional shareholders at 120.5p each including expenses.

The stock was selling for 122.5p in London as Insurance Times went to press.