Lawyers from Carey Olsen's corporate team have advised international specialist insurer Hiscox on its non-pre-emptive placing of new ordinary shares on London Stock Exchange (LSE).
In conjunction with the placing, certain directors and senior management subscribed for new ordinary shares and, together with the placing, raised gross proceeds of approximately £375m.
The capital raise, which represented 19.99% of Hiscox's existing issued ordinary share capital, was announced on Tuesday 5 May.
It will enable Hiscox to position itself for growth opportunities and rate improvement in the US wholesale and reinsurance markets, as well as position itself to withstand various downside scenarios.
Working alongside onshore counsel Allen & Overy, the cross-jurisdictional Carey Olsen team was led in Bermuda by Partner Mary Ward, assisted by Associate Michelle Falcucci, and in Jersey by Partner Simon Marks, assisted by Senior Associate Ashley Morrison.