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LONDONHiscox P.L.C. expects to complete its redomestication by December 12.The London-based insurer sent out full details of its corporate reorganization to its shareholders Monday. The company announced in September that its board had approved plans to relocate its corporate headquarters from London to Bermuda. The move would involve the delisting of Hiscox P.L.C. from the London Stock Exchange on December 11, 2006 with trading in the new entity, Hiscox Ltd. commencing on December 12.
The company, which opened subsidiary companies in Bermuda and New York last year, said in a statement, that it expects the amount of business originating from the United States would "increase significantly." Including its Lloyd's of London business, some 36% of Hiscox's 2005 earned premium was from U.S. business. "It is anticipated that such a move will demonstrate Hiscox's commitment to the Bermudian and U.S. markets, and consequently, lead to an increased flow of business from insurance brokers active in those markets," the company said in a statement.
Hiscox also said that it had decided to redomicile to Bermuda because "many of the group's principal competitors already enjoy the substantial potential tax benefits that would become available to Hiscox Ltd."