Hiscox has confirmed that Chubb Corphas has sold its entire holding of 54.5 million shares, or 18.7%, in the company.
Hiscox said the shares were placed with a wide range of institutional shareholders at 165 pence.
Chairman Robert Hiscox said the sale removes an overhang and will improve liquidity.
“Hiscox is in robust health, enjoying strong markets, and we look forward to continuing to make good profits for our shareholders.
The insurer rejected a takeover bid from Chubb priced at 210 pence per share in 2001. It said the bid “substantially undervalued” the company.
