Commentary & Deal Flow

Tranche 1 (5yr Fixed): Final Books >£590m. Peak book >£700m

Launched: 5yr: £300m @ G+115bp - Book >£700m
Book update: Books >£700m
IPTs: 5yr: UKT+130a

• Issuer: Hiscox Ltd (Ticker: HSXLN)
• Issuer LEI: 5493007JXOLJ0QCY2D70
• Expected Issue Rating: BBB+ (S&P)
• Instrument: Fixed Rate Senior Unsecured Notes (the “Notes”)
• Status: Direct, unsubordinated and (subject to the negative pledge) unsecured obligations of the Issuer
• Format: Reg S Registered
• Size: £300m
• Ranking: Senior Unsecured
• Joint Lead Managers: Citi, HSBC (B&D), ING & Lloyds
• Maturity Date: 01-Oct-31
• First Par Call Date: 01-Jul-31
• Interest Payment Dates: 1 October in each year from (and including) 01-Oct-27 up to (and including) the Maturity Date
• Coupon: The Notes will bear interest from (and including) the Issue Date to (but excluding) the Maturity Date at the rate of [●] per cent. per annum, payable annually in arrear on each Interest Payment Date.
• Reference Benchmark: UKT 0.250% 31-Jul-31
• Hedge Ratio: 114%
• Hedge Dealine: 14.25 UKT
• Redemption Price: 100%
• Early Par Call: Optional redemption of all (but not some only) of the Notes at any time from (and including) the First Par Call Date to but excluding the Maturity Date. Such optional redemption will be at the principal amount of the Notes, together with accrued and unpaid interest thereon to (but excluding) the date of redemption
• Make Whole Call: Optional redemption of all (but not some only) of the Notes at any time to (but excluding) the First Par Call Date at the Optional Redemption Price
• Clean-up Redemption Option: If, at any time after the Issue Date, 75 per cent. or more of the aggregate principal amount of the Notes originally issued has been purchased by or on behalf of the Issuer or its Subsidiaries and cancelled, then the Issuer may redeem all (but not some only) of the remaining Notes at their principal amount together with accrued and unpaid interest thereon to (but excluding) the date of redemption
• Early / Special Event Redemption: The Issuer may elect to redeem all (but not some only) of the Notes, at their principal amount together with any accrued and unpaid interest thereon to (but excluding) the date of redemption, if a Tax Event has occurred and the Issuer cannot avoid the same by taking measures reasonably available to it
• Documentation: Preliminary Admission Particulars dated 21-Sep-26 and the final Admission Particulars to be prepared
• Use of Proceeds: The net proceeds from the issue will be used by the Group for general corporate purposes, including the purchase of the Issuer's existing £250 million 6.00 per cent. Notes due 2027 pursuant to the concurrent tender offer.
• Denominations: GBP100,000 + GBP1,000
• Listing: London Stock Exchange's International Securities Market
• Governing Law: English law
• Clearing: Euroclear and Clearstream
• Selling Restrictions: The United States (Regulation S, Category 2), Bermuda, Singapore, Switzerland, the UK and the EEA
• MiFID II/ UK MiFIR professionals/ECPs-only/No PRIIPs KID or CCI Product Summary: Manufacturer target market (MiFID II/ UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID)/CCI Product Summary has been prepared as not available to retail in EEA or the UK.
• Advertisement: When published, the final Admission Particulars will be available for viewing on the website of the Issuer at: https://www.hiscoxgroup.com/investors
• ISIN / Common Code: XS3508796417 / 350879641
• Timing: Books open, Today's business
• Settle: 01-Oct-26 (T+7)
• Books Subject Deadline: 12:15 UKT