LONDON, March 9, 2026, 23:15 GMT
Hiscox Ltd disclosed Monday it repurchased 69,849 shares on March 6, paying an average 1,459.08 pence apiece, with plans to cancel them. This forms part of the insurer’s ongoing $300 million buyback. The company noted it’s shifting to weekly, rather than daily, repurchase notices because of a change to UK listing rules, though trade details will remain unchanged.
This update moves Hiscox’s buyback plan off the drawing board and into action, coming just days after the insurer flagged it with annual results. The Bermuda-based group expects to wrap up the initial $150 million tranche by the end of Q3. Up to 20.8 million shares are eligible for repurchase under the current shareholder mandate; Hiscox says it’s targeting a smaller share count, but notes there’s no promise every authorized share will be bought back.
Last month, Hiscox posted a 5.9% jump in written premiums, hitting $4.98 billion for 2025, while profit before tax climbed for the third consecutive year to $732.7 million. The combined ratio tightened to 87.8%, comfortably under the 100% mark that signals underwriting profit. The final dividend? Up 20%. “2025 was a pivotal year for Hiscox,” Chief Executive Aki Hussain said. Hiscox
CFO Paul Cooper, on the results call, pointed to robust capital generation as the driver for pushing 2025-linked shareholder returns above $450 million. CEO Aki Hussain added that after retail premium growth of 6.3% last year, the company is aiming for an 8% increase in 2026.
At the same time, rival specialist insurer Beazley — fresh off a $10.8 billion takeover agreement with Zurich Insurance earlier this month — logged a 19% slide in annual pre-tax profit, pressured by weaker pricing and sluggish growth in its cyber insurance segment. That puts the spotlight squarely on how Hiscox and other competitors plan to protect margins while continuing to deliver returns to shareholders.
The outlook remains murky. Management flagged ongoing soft pricing—lower premiums—a trend stretching right into 2026. January renewals slipped: London Market premiums down 4%, reinsurance off by 13%, with property-catastrophe business taking the biggest hit. Even so, Hiscox insists that most of its portfolio is still generating acceptable returns.
Claims risk hasn’t gone away. “We ourselves reserved $170 million for that event,” Group Chief Underwriting Officer Joanne Musselle told analysts, pointing to the California losses from earlier this year. She added that the bulk of that reserve remains with reinsurance. Hiscox
Just a week ago, Hiscox reaffirmed its outlook for Syndicate 33 at Lloyd’s, sticking with a projected 3.5% to 13.5% return on 2025 business. The company also bumped its 2024 forecast slightly higher, to a 3.4% to 15.4% range, up from the previous 2.4% to 14.4%. With Hiscox ramping up its buyback, there’s little shift in the underwriting narrative.
