Hiscox said on Monday it had completed the first $150m tranche of its $300m share buyback program, initiated in February 2024.
The insurer, which specializes in specialty insurance and reinsurance, confirmed the repurchase of shares under the two-year program, which is designed to return capital to shareholders. The buyback remains contingent on market conditions and regulatory approvals.
Hiscox has not disclosed further details on the execution of the buyback, including the number of shares repurchased or the average price paid. The program was approved by shareholders in November 2023 as part of its capital management strategy.
The completion of the first tranche follows Hiscox’s full-year 2023 results, which showed a pre-tax profit of $344m, up from $271m in 2022. The insurer has emphasized disciplined capital allocation amid a stabilizing insurance market.
Analysts noted that buybacks are a common capital return tool for insurers with strong balance sheets, particularly in periods of limited organic growth opportunities.
