Shares in Hiscox jump after report on potential bid for insurer
Intact Financial Corp reportedly considering acquisition of Hiscox
Market Reaction
May 15 (Reuters) - Shares in Hiscox spiked as much as 15.3% on Friday, after an Insurance Post report said Canada-based Intact Financial Corp was exploring a potential bid for the British insurer.
Context: Increased Interest in UK-listed Firms
The possibility of a bid comes amid heightened interest in UK-listed firms for their cheaper valuations, including the ongoing $12.7 billion deal talks between Intertek and EQT .
Intact Financial Corp’s Position
Intact, which provides property and casualty insurance, is looking at a big target and its CEO is known to be a "fan" of Hiscox, having spoken highly of it in the past, the report said, citing sources at the British Insurance Brokers' Association.
Responses from Companies
Intact did not immediately respond to Reuters' request for comment, while Hiscox declined to comment.
(Reporting by Prerna Bedi and Tuhina in Bengaluru; Editing by Shreya Biswas)
