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Carey Olsen's corporate team have advised an international specialist insurer on its placing of new ordinary shares on the London Stock Exchange.
Working alongside onshore counsel Allen & Overy on Hiscox's capital raising, the cross-jurisdictional team was led in Jersey by Partner Simon Marks, assisted by Senior Associate Ashley Morrison and in Bermuda by Partner Mary Ward, assisted by Associate Michelle Falcucci.
In conjunction with the placing, certain directors and senior management subscribed for new ordinary shares and together with the placing raised gross proceeds of approximately £375 million.
The capital raise represented 19.99% of Hiscox's existing issued ordinary share capital.
"Working together with our colleagues in Carey Olsen's Jersey office, we were delighted to assist Hiscox and Allen & Overy with this important transaction which, once again, underlines the attractiveness of using cash box placings to access alternative sources of funding on an expedited basis," Ms Ward said.
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