Hiscox Ltd. / Intact: A credible tie-up strategically and cyclically

Research evidence excerpt

Hiscox Ltd. / Intact: A credible tie-up strategically and cyclically

Equity Research

European Insurance

15 May 2026

Hiscox Ltd. / Intact

A credible tie-up strategically and

cyclically

A potential deal involving Hiscox would fit the logic of HSX.L/HSX LN OVERWEIGHT

consolidation in a softening and oversupplied re/insurance European Insurance NEUTRAL

market. Recent deals point to 1.9-2.7x P/BV range, while HSX's Price Target GBp 1730

Price (14-May-26) GBp 1639

differentiated Retail platform would justify a premium Potential Upside/Downside +5.6%

valuation in our view - with historical peak at 3x in 2018-19. Source: Bloomberg, Barclays Research

European InsuranceIntact may be exploring a bid for Hiscox. UK trade press (Insurance Post) has reported that

Ivan Bokhmat

Intact is exploring a potential bid for Hiscox (also see here), citing multiple sources at the British

+44 (0)20 7773 0417

Insurance Brokers' Association (a BIBA conference takes place currently, with Intact as one of ivan.bokhmat@barclays.com

the principal sponsors). While such interest will likely prompt an official statement in Barclays, UK

accordance with the UK Takeover Code, we believe there could be a credible rationale for such a

Domenico Turco

tie-up, both from Intact's side (growth targets, management comments), and in the context of

+44 (0)20 7773 3505

the reinsurance market consolidation that we've written about extensively, including having domenico.turco@barclays.com

named Hiscox as a possible takeout candidate (see London Market Insurance: Starting gun fired Barclays, UK

on M&A? Initiate on CRE at Underweight, 4 Sep 2025).

North America Insurance/Non-Life

Hiscox is in excellent shape cyclically and structurally, in our view. Over the past several Alex Scott, CFA