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Started: busicat, 10 Aug 2023 08:34
Last post: thanglan, 6 Sep 2023 09:16
Fell out of FTSE-100 into FTSE250 yesterday 5th
£210k chairman buy is gratifying to see he agrees with me that this is a great chance to scoop up cheap shares on the back of fabulous interims.
20,000 at GBP 10.51 = GBP 210,200.00
Sadly I didn't have £200k spare to throw at this, but beat him on averaging 1044 for my very modest splurge.
Last post: wyt3fr0g, 9 Aug 2023 17:25
Ah, thanks.
Looks like you need to Google "Uncrossing trade". In layman's terms, as I understand it (not very well), it's the end of day SETS uncrossing trade sorting out buys and sells left on the market makers' books at a suitable average.
Is that really £8m trade at 16:35? Flagging as a sell. do they know something I don't??
Started: busicat, 9 Aug 2023 08:56
Last post: busicat, 9 Aug 2023 16:10
Looks like the price has turned a corner for today as well. Gutted to have missed the chance to snaffle some at 1010p. But nice to see a bit of sanity returning into the close.
Great set of results. Bit baffled by the reduction in the share price this morning.
I deal with Hiscox on a daily basis through my job and after 3 pretty shambolic years, it looks and feels like they have turned a corner.
This and Beazley are massively under valued in my opinion.
Profit jumped x 10
ROE surged to nearly 20% from 2.6% a year ago, on annualised basis.
Alliance news say "The company explained that this is a combined effect of the insurance service result of USD221.4 million, up 58% on the prior period from USD140.2 million, and the improved investment result of USD121.8 million, compared to a loss of USD214.1 million, as higher bond reinvestment yields begin to earn through.
Notably, the firm reported a net fair value gain on financial investments at fair value of GBP29.3 million, compared to a loss of GBP228.3 million a year before. "
Started: draft, 9 Nov 2022 17:07
Last post: draft, 9 Nov 2022 17:07
I still think it's a strong buy.
Recovering some of yesterday's losses.
DYOR
Started: wyt3fr0g, 5 May 2022 15:59
Last post: Ash11, 5 May 2022 21:21
Dividend accounts for only drop of about 18p (23 Cents) equating to around 2 out of 8.5% drop.
Majority of the drop is due concerns on loss on investment returns. For the quarter there was a investment loss of US$119.4 million compared to profit of US$20.7 million a year ago.
To answer my own question, today was ex dividend day. Of course.
8% drop is a bit of a harsh response to what I read as a family good RNS.
Started: hellyeah, 18 Feb 2022 13:30
Last post: hellyeah, 18 Feb 2022 13:30
Wonder what would be the bill of the storm damages for Insurance companies like Hiscox?
Started: Mando_, 3 Nov 2021 09:58
Last post: snakeeyes1875, 9 Dec 2021 08:06
Starting to make small moves in the right direction now! Hopefully the slow steady progress continues.
Best of luck all
Agreed, £12 easy. Also, I think it is prime for a takeover at this price ridiculous sp.
I still think Hiscox are a good thing long term, back to £12 at some point next year. What are everyone else's thoughts?
Gone from a nice positive to a bad negative. Luckily only on a small amount.
Started: hellyeah, 3 Aug 2021 09:02
Last post: hellyeah, 3 Aug 2021 21:24
I am also expecting upgrades in target sp from various brokers. A great investment to add to your portfolio IMO. This should trade 1300 come end of the year when profits are back to 2019 range.
Great set of results, we are back in profit and dividend is reinstated.
Started: NewSid, 22 Jul 2021 14:11
Last post: Nick1234, 27 Jul 2021 22:50
Hopefully, he'll address some of the service issues which, frankly, are abysmal.
And failing to issue renewal terms even when you are 2 days before the renewal date isn't only a commercial risk, but it could warrant unwanted attention from the FCA.
HSX built a superb reputation for paying claims and providing a top level of service. Both of these are now shot.
Masojada trained as an underwriter...Hussain KPMG chartered accountant and has stayed in finance divisions since then...does this appointment tell us where Hiscox and more importantly, Childs, wasn’t the company to go?
Ps: he was born 1972...not sure young is the adjective that springs to mind.
Really pleased to see Aki Hussain at the helm, such a talented young man and will undoubtedly steer Hiscox to new heights. He’s IT savvy and understands the benefit of digital transformation.
Last post: actiboomz, 11 Jun 2021 11:00
I haven't known why HSX is being reduced gradually. Someone may perhaps give actual enlighten post here. However, the price is in range of reasonableness (to me though). 1/2 of my fund is allocated to long run and HSX is one of them; couple grands down isn't worry me.
I held Clipper Logistics when it was 300-380ish in 2018 (similar stake as HSX now) because of their Boohoo and ASDA contracts and market was not very kind at time. I am right in the end though heh heh :-) Relationship of Clipper to BOO & PLT is like Breezemount to IKEA.
Have bought back in here.
Market considers the company to be worth less now that is was last year before a vaccine came along?
Makes no sense to me. Gonna lock this away and come back in 2 years. By which time I expect the sp to have at least doubled.
Started: Jr76, 26 May 2021 23:19
Last post: katenip, 10 Jun 2021 20:34
alas, I have insurance shares across various companies...companies/brokers are commission based, so inflation goes up, income goes up and there is always someone who has to have insurance. ..should be a slam dunk but obviously not!
HSX could be weak for a while as they will have to proffer cheaper rates going forward to woo back customers.
HSX problem with COVID was that their customers were "higher echelon" so access to noisy media easy for them. Other insurers had same attitude but their customers had no access to media. ho hum.
I doubt any investor sniffing here as the value seems to be deteriorating here. There are loads of new recruits (that means experts are leaving) and PR in the company is absolutely zero (another flashing lights).
Based on technicals it looked a very positive share, but in my opinion the actual situation seems to be very very grim. So if it falls to 600p zone that is a good entry for me for now. Until then bye from here.
I hear P E groups are sniffing around...
Even I thought the same at first, but such dead bounces in shares dangerous at one point it will collapse. When the collapse time comes, it gets hard to get out of it as it will be falling like a stone.
The next major support around 760p and then in my opinion there is going to be major free fall to 600p range
Thanks for a bit of inside. HSX is one of core holdings (6-fig) for me. :-)
Started: tradegurus, 10 Jun 2021 16:19
Last post: tradegurus, 10 Jun 2021 16:19
Possibly something disastrous here???? day by day it gets bleak. Fortunately sold all my holding here,
All support broken, and it is looking dead weak around 785p. Also, there is some major sell out every day. Seems to be some major shareholder is cleaning the basket.
In my opinion, once that SELL order are done it is going to crazily get dumped down. Possibly somewhere in 600p region... In my opinion as screeeeam SELL at this point, waiting to buy back at 600p region... Unfortunately DUMP TIME!
Started: Archy147, 26 May 2021 10:32
Last post: Hopan, 26 May 2021 16:16
I don't think the selloff is HSX specific. LRE, BEZ are also down equally. One big fund is reducing their exposure to the sector. This is my guess.
Thanks for the response Joe. It looks like the drop probably has been overdone done then.
Naturally, the sp has turned green for the day now I've sold out! Sod's law..
I get why that could cause some concern - but even from a quick glance at the most recent Trading Update RNS from 3 weeks ago: "Hiscox UK's exposure to potential business interruption claims has been running off at approximately 8% per month since June 2020. Residual exposure is expected to be largely run-off by the end of June 2021. As previously disclosed, the Group estimates exposure to restrictions already announced in 2021 to the end of June, to be less than $40 million".
So whilst they had $475million of liabilities and the publicity of court cases etc won't have helped, it seems they're motoring through these claims and pretty much out the other side now, with limited liabilities going forward.
I want to top up to average down (current average £8.21) but just don't know where this is going to settle!
Guys, this might be the answer as to what’s going on here
https://www.cityam.com/hiscox-tops-list-of-insurers-facing-business-interruption-claims/
I think the share price drop is quite possibly overdone, but Hiscox being at the top of this list is obviously not good news.
I think there’s too much risk hanging over the share until the value of these claims is known so have decided to sell, for now. (Money has gone into HYVE instead, which is travelling in the opposite direction!)
Started: fatprofits, 25 May 2021 15:23
Last post: Hopan, 25 May 2021 16:54
I believe there is a sector wide negativity... Probably some of the big funds are reducing their insurance -specialty insurance- exposure. In my personal opinion, it is a mistake. I might be wrong though.
This is a fantastic entry point in a company that recently announced decent results and hopefully the reinstatement of a dividend this year.Based on what is currently known I have bought today. Yes it might go lower but as always patience is key.
25% down from its fair value!!!
In my opinion, either MM's pulling down.. or some insider dumping.. If it recovers upside is £10....
If this continues, downside is £0 approaching very soon on this.
Buys are outweighing Sell, but still the price is falling like stone.
There is no real reason I could see!!!! Unless some insider knows that HSX is going to bust!
Because everyday it slips 2% to 3%. If this continues for another 40 day then it will be valued at £0
anyone have any ideas...
Started: Trader_Joe, 24 May 2021 10:57
Last post: tradegurus, 24 May 2021 16:02
This is what the share picker tools says!!!!
Below Fair Value: HSX (£8) is trading below our estimate of fair value (£11.81)
Significantly Below Fair Value: HSX is trading below fair value by more than 20%.
These days technicals are simply getting wrong as people follow, just like a herd, on some crazy columnist or posts!
We should be at least or above £9... but for no reason it is moving on a down beat..
May that is called market momentum :D
Also, many traders taking advantage of the panic in the market and focussed on High Risk, High Reward shares
These magic words (Covid, Inflation, Crash, Job data, Global issues) are making everyone to make money on small caps and risk/reward shares at the moment. In the long run, this will do better to great. But for now silence prevails!
Absolutely no idea, I've just taken this as an opportunity to top up.
Any ideas why (excepting the brief Covid dip last spring) the share price is now at its lowest for six and a half years? Perhaps I'm missing something, but recent results, ongoing business and outlook don't suggest any reason to me why this should be sub £8 and not closer to (or above) £10.
Started: fatprofits, 23 Mar 2021 16:05
Last post: Jandialbi, 7 May 2021 11:14
Nice to see it’s on the right track....going north.
GLA
I am still heavily invested here. 5 May update will hopefully lift us to my 1000p target.
Bought 1647 shares @ 822.27...target £9.00 plus short term.
GLA
hellyeah, It is exactly a month ago (when the sp was 814.20) you said we will be 1000p (£10). But I could see just 10p up and we are still hovering around the same place.
Markets are markets, we can't control it. But, with business coming back to feet I slowly I see this to get moving UP soon.
In my opinion, £9 to £9.50 anytime soon (possibly in a months time!???) hmmm who knows..
this is a great play - bought in as well
Started: Archy147, 6 May 2021 09:46
Last post: tradegurus, 6 May 2021 10:46
You don’t have to pay Stamp Duty when you buy stock in a market outside the UK, and you don’t pay it when you buy gilts or corporate bonds either.
You don’t have to pay stamp duty on shares issued in a flotation, which is where a company first lists on the stock market, or new shares that are issued in a rights issue.
In a rule change introduced back in 2014, you don’t have to pay Stamp Duty when buying shares traded on the London Stock Exchange’s AIM market or on Exchange Traded Funds (ETFs).
Guys this looks undervalued so me so bought into both my SIPP and ISA yesterday at 808p
Was pleasantly surprised not to be charged any stamp duty on either transaction. Does anyone know why this wasn’t payable?
Started: tradegurus, 28 Apr 2021 17:36
Last post: tradegurus, 5 May 2021 09:22
In my opinion, when the market realises the potential and positive trading statement, this will be steadily moving, peaking around or above 1000p very soon.
Amazing trading update, growth in all areas - UK, US, Europe. No nasty surprises either and cherry on top, dividend may be back in 3 months hopefully. Should be good for my 1000p target!
It is targeting 880.0p for Lancashire, suggesting a 34% total return potential; 410p for Beazley, suggesting 30% total return potential; and 920p for Hiscox, suggesting 15% total return potential.
Started: tradegurus, 12 Mar 2021 11:48
Last post: tradegurus, 12 Mar 2021 11:48
It is gone low to the Sep 2020 level and bit silent here. Hope MM's make some action, get things moving to make it better.
Started: tradegurus, 12 Mar 2021 11:32
Last post: tradegurus, 12 Mar 2021 11:32
It looks the Hiscox management started taking things serious and started working....
New appointment for Head of direct commercial... Fingers crossed, hope we don't go any more down!
Most of the shares are started moving upwards.... We need some more vaccine success, lockdown easing, businesses back to normal news....... Overall, it is not as scary as we all think for now!?
fingers crossed
Fingers crossed...
Started: tradegurus, 3 Mar 2021 10:53
Last post: Nick1234, 3 Mar 2021 23:31
Am I reading that correctly... At a price of 935p those 2 x £3m purchases must have been made first thing. Someone's lost the best part of a half a million quid today if they've spent £10m at an average of 910p.
Those late reported trades are impressive, over £10m worth of buys. Clearly some.people think this is undervalued
I'm uncertain on next movements, but I'll be keeping an eye out to see if there is a decent entry price (I don't think we are there yet). I see Beazley as a better option out of the 2 businesses at the moment as it is likely to return to profit sooner.
As a business, Hiscox still a lot of work to do. It built a great reputation by providing first class service and adopting a positive approach to paying claims. Both of those have been shot over the last couple of years.
They could do with taking on some more underwriters and quickly settling the Covid claims which they are on for so they can move on. I also think some of the book still needs to be reunderwritten.
There's so much M&A activity in the insurance market at the moment, could Hiscox become a target?
I think the market is overreacting and the news is already factored in the price. Hiscox is targeting a combined ratio of 90% to 95% to be reached in 2023. I calculate that to be at least 500M profit.
A fair price is £9.50 IMHO, but let's wait for broker re-rating
In my opinion, this seems to have high chances of falling below 800p (maybe deeper to 750p) before recovering up. Lets see!
Started: PaulieJ, 15 Sep 2020 11:07
Last post: oxygen, 15 Jan 2021 12:27
Fairly obvious which way this would go which the Market had already sussed. Just remains to be seem what damage to their reputation this has done....suspect very little, but they may wish to modify some of their Advertisements !
Boom! and up we go!!!
...and no discernable change after the judgement either. Has everyone taken Tueday off? Or was this decision already priced in?
They're "handing down" their judgement today, See FCA page in the links below...
Interesting that there is no price change ahead of it...
His judgement cometh and that right soon.
p.s. fortunately I'm not their shareholder, only business client.
gla.
With this new report published and FCA case + provisions related to it - it obviously will easily withstand storm even if they pay covid crisis claim associated costs (provision, at the expense of shareholders/equity of course) from stability pov but nonetheless company is uninvestible from eps perspective as long as sp stays above £3~£4 because of too low return on investment.
Oxygen - the flood scenario is different as there would be actual physical damage at the premises so normal BI would kick in.
The Denial of Access extension would also probably kick in if there was no damage to the premises but neighbouring properties did flood which prevented access.
Dave, agree a standard BI policy won’t operate against a Pandemic it would only be those with a Contagious Disease extn or possibly Denial of Access if caused by LA closure depending on wdg. One issue I see is Insurers claiming that even if a CD extn could be argued to apply the claimant wouldn’t have had any trade anyway . Guess thats a bit like arguing your Flooded but we aint paying for your lost profit as the whole town was flooded so you wouldn’t have had any income anyway ! Thankfully not my problem to resolve , and hopefully not yours ! GL.
Dave - so Contingent BI (Business Interruption) requires there to be physical damage at a site in order for BI cover to kick in. We are not talking about Contingent BI, we are just talking about BI. We're not talking about the big event cancellation policies and pluvius stuff. We're talking about SMEs that have bought BI cover.
If the policy wording excludes pandemic then the Financial Ombudsman could still have a part to play (in saying that it was mis-sold or something like that) but if it doesn't then I'm guessing (without knowing all the facts) that coverage will be tested in the courts and then will probably respond.
I've also heard talk about extra damages being payable if insurers deliberately drag their heels. It was covered on the Sky News piece on the HAG with Richard Leedham from Mishcon (it's on youtube).
All very interesting.