Hiscox Ltd Director/PDMR Shareholding (1869V)
April 12 2021 - 08:57AM
UK Regulatory
TIDMHSX
RNS Number : 1869V
Hiscox Ltd
12 April 2021
Hiscox Ltd
(the 'Company')
Notification of transactions by Persons Discharging Managerial
Responsibilities ('PDMR')
Hamilton, Bermuda (12 April 2021) - On 8 April 2021 awards
("Awards") were made to Executive Directors and PDMRs pursuant to
the Company's Performance Share Plan ("Performance Share Plan"),
approved by shareholders on 14 May 2020, to acquire ordinary 6.5p
shares ("Shares") in the capital of the Company.
The Awards granted to the Executive Directors and Ben Walter are
subject to performance conditions measured over the three financial
years from 1 January 2021 to 31 December 2023.
The performance measures for the Executive Directors and Ben
Walter will be as set out in the annual report on remuneration in
the Annual Report, with 60% of the awards based on stretching
growth in net asset value (NAV) plus dividends targets, measured on
a per share basis, and 40% based on relative total shareholder
return (TSR) against a group of global insurance peers.
The performance conditions for 60% of the Awards are measured
against the growth in NAV plus dividends, on a per share basis, and
will not vest if the growth in NAV plus dividends per share is less
than the risk free rate (RFR) plus 6% per annum. 16% of the award
will vest if the growth in NAV plus dividends per share is equal to
the RFR plus 6% per annum, rising to 100% vesting if the growth in
NAV plus dividends per share is equal to or exceeds the RFR plus
17% per annum.
The performance conditions for 40% of the Awards are measured
against r elative TSR. The relative TSR condition assesses the
Company's share price and dividend performance relative to that of
the comparator group of companies made up of the Company's closest
listed global insurance peers over the three year performance
period. 20% of the award will vest if performance is at the median,
rising on a straight-line basis to 100% if the performance is in
the upper quartile based on ranking.
Subject to the satisfaction of the performance conditions,
Awards will vest on the third anniversary of their grant. The
Awards granted to the Executive Directors and Ben Walter are
subject to a further two year holding period.
For Stephane Flaquet, 28% of the Awards granted are subject to
the same performance conditions for Relative TSR as for Executive
Directors and Ben Walter. 42% of the Awards are subject to NAV
performance with 20% vesting at RFR plus 6% per annum and 100%
vesting at RFR plus 14% per annum. The remaining 30% of the Awards
will vest after three years, conditional on the individual
achieving their personal and risk-based objectives.
Details of the number of Shares over which Awards were granted
are set out in the table below.
Executive Directors Awards
& Ben Walter
BE Masojada 187,612
--------
HA Hussain 144,436
--------
J Musselle 144,436
--------
B Walter 135,165
--------
PDMR Awards
S Flaquet 62,250
-------
The Awards were granted from Bermuda.
The Company also announces that on 1 April 2021 options were
granted, pursuant to the Hiscox UK Sharesave Plan, an
"all-employee" share plan, to Mr Bronek Masojada and Mr Aki
Hussain, both PDMRs, to acquire 2,500 Ordinary Shares of 6.5p
(Shares) respectively in the Company at a price of GBP7.20 per
Share.
The notifications set out below are made in accordance with the
UK version of the EU Market Abuse Regulation (2014/596/EU) which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018.
Marc Wetherhill
Company Secretary
Hiscox Ltd
+ 1 441 278 8300
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Bronek Masojada
2 Reason for the notification
a) Position/status Chief Executive Officer, PDMR
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
a) Name Hiscox Ltd
b) LEI 5493007JXOLJ0QCY2D70
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial instrument, type of Option to acquire Ordinary Shares of 6.5 pence each in
instrument Hiscox Ltd with an exercise price of
Identification code GBP7.20 per share
Identification code for Hiscox Ltd shares: BMG4593F1389
b) Nature of the transaction Grant of option under the Hiscox UK Sharesave Plan
c) Price(s) and volume(s) Price(s) Volume(s)
nil 2,500
d) Aggregated information Not applicable - single transaction
- Aggregated volume
- Price
e) Date of the transaction 2021-04-01
f) Place of the transaction Outside a trading venue
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Aki Hussain
2 Reason for the notification
a) Position/status Chief Financial Officer, PDMR
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
a) Name Hiscox Ltd
b) LEI 5493007JXOLJ0QCY2D70
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
a) Description of the financial instrument, type of Option to acquire Ordinary Shares of 6.5 pence each in
instrument Hiscox Ltd with an exercise price of
Identification code GBP7.20 per share
Identification code for Hiscox Ltd shares: BMG4593F1389
b) Nature of the transaction Grant of option under the Hiscox UK Sharesave Plan
c) Price(s) and volume(s) Price(s) Volume(s)
nil 2,500
d) Aggregated information Not applicable - single transaction
- Aggregated volume
- Price
e) Date of the transaction 2021-04-01
f) Place of the transaction Outside a trading venue
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