Hiscox "hold," fair value raised

03/23/04 - Arbuthnot

LONDON, March 23 (New Ratings) - Analyst Dilip Shah of Arbuthnot Securities reiterates his "hold" rating on Hiscox (HSX.L), while raising his estimates for the company. The fair value has been raised to 165p.

In a research note published this morning, the analyst mentions that the company reported its FY03 preliminary results significantly ahead of the expectations. Hiscox has announced a dividend payment of 2.9p per share for 2003 and also described its dividend policy as "progressive," Arbuthnot Securities says. The EPS estimate for 2004 has been raised from 16.4p to 18.7p.