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 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DSHBXGDSDUBDGBD

(END) Dow Jones Newswires

April 12, 2021 09:57 ET (13:57 GMT)

Hiscox (LSE:HSX)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Hiscox Charts.
Hiscox (LSE:HSX)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Hiscox Charts.