Investing.com -- Hiscox (LSE:HSX) shares jumped nearly 12% Thursday following reports that Intact Financial is exploring a potential bid for the British insurer.
Insurance Post reported that Intact is considering an offer for Hiscox as the Canadian insurer seeks to expand its commercial lines business.
Sources at the British Insurance Brokers’ Association conference indicated that Intact, having completed its integration of NIG and Farmweb, is evaluating its next strategic acquisition.
The potential takeover would mark a significant expansion for Intact in the UK market, where Hiscox operates as a specialist insurer focused on commercial and specialty lines. Hiscox has built a presence in both the London and international insurance markets, offering coverage across property, casualty, and specialty risks.
Intact has been actively pursuing growth through acquisitions in recent years. The integration of NIG and Farmweb into its operations has positioned the company to consider larger strategic moves in the British insurance sector.
Neither Hiscox nor Intact has publicly commented on the potential transaction. The reports remain unconfirmed, and no formal offer has been announced.
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