Hiscox Ltd
(the 'Company')
Notification of transactions by Persons Discharging Managerial Responsibilities ('PDMR')
Hamilton, Bermuda (11 April 2021) - On 8 April 2022 awards ("Awards") were made to Executive Directors pursuant to the Company's Performance Share Plan ("Performance Share Plan"), approved by shareholders on 14 May 2020, to acquire ordinary 6.5p shares ("Shares") in the capital of the Company.
The Awards granted to the Executive Directors are subject to performance conditions measured over the three financial years from 1 January 2022 to 31 December 2024.
The performance measures for the Executive Directors will be as set out in the annual report on remuneration in the Annual Report, with 60% of the awards based on stretching growth in net asset value (NAV) plus dividends targets, measured on a per share basis, and 40% based on relative total shareholder return (TSR) against a group of global insurance peers.
The performance conditions for 60% of the Awards are measured against the growth in NAV plus dividends, on a per share basis, and will not vest if the growth in NAV plus dividends per share is less than the risk free rate (RFR) plus 6% per annum. 16% of the award will vest if the growth in NAV plus dividends per share is equal to the RFR plus 6% per annum, rising to 100% vesting if the growth in NAV plus dividends per share is equal to or exceeds the RFR plus 17% per annum.
The performance conditions for 40% of the Awards are measured against relative TSR. The relative TSR condition assesses the Company's share price and dividend performance relative to that of the comparator group of companies made up of the Company's closest listed global insurance peers over the three year performance period. 20% of the award will vest if performance is at the median, rising on a straight-line basis to 100% if the performance is in the upper quartile based on ranking.
Subject to the satisfaction of the performance conditions, Awards will vest on the third anniversary of their grant. The Awards granted to the Executive Directors are subject to a further two year holding period.
Details of the number of Shares over which Awards were granted are set out in the table below.
| Executive Directors | Awards
|
| HA Hussain | 190,355 |
| J Musselle | 133,248 |
The Awards were granted from Bermuda.
The notifications set out below are made in accordance with the UK version of the EU Market Abuse Regulation (2014/596/EU) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
Marc Wetherhill
Company Secretary
Hiscox Ltd
+ 1 441 278 8300
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
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