Chubb sells 18.7% stake in Hiscox
Hiscox has announced that US insurer Chubb has sold its holding of 54.5m shares (18.7% of the issued ordinary shares of the company), which have been placed with a wide range of institutional shareholders at 165pence. Hiscox's share price has slipped over 5.6% to 167.75 pence on the news this morning.
The sale marks an increadible u-turn form Chubb which tried to buy Hiscox for £255m in January 2001, a move which was evetually rebuffed. At the time Chubb had a 27% shareholding in Hiscox.Chairman
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