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(From Reinsurance)
Lloyd's' giant Hiscox decided not to raise more than $300m for its new Bermuda venture to avoid red tape in London, which would have delayed the company's launch. Robert Childs, chief executive officer of Hiscox Bermuda, said that at the point of fund-raising, the management decided not to raise any more capital as it would have had to call a special general meeting. This in turn would have delayed the launch of the company, and missed the all-important January renewals season.
"We raised $300m, partially for corporate structural reasons," said Mr Childs, when asked about raising capital for the company back in October/November 2005. ...