Hiscox Plc's shareholders have approved the company's proposed relocation to Bermuda, plans for which were made public in September.

Following word of the proposed move, Hiscox Plc posted a circular to shareholders setting out details of the corporate reorganisation in October. The insurer plans to introduce a new Bermudian domiciled holding company for the group, Hiscox Ltd.

Hiscox's shareholders have now approved the proposed move, casting their vote in favour of the plans at a court meeting and extraordinary general meeting.

Of the votes cast at the court meeting, 99.99 percent supported the corporate reorganisation and 0.01 percent were against, Hiscox said. At the EGM, the resolution was passed unanimously by shareholders in attendance, having received valid proxies representing 98.5 percent votes in favour and 1.5 percent votes against.

Subject to the high court sanctioning the scheme on December 11 and the scheme becoming effective, it is expected that the shares in Hiscox Ltd. will be admitted to trading on the London Stock Exchange on December 12.

Hiscox intends to make an announcement at this time confirming this event and the completion of the corporate reorganisation.

Hiscox is not along among UK reinsurers moving to Bermuda. Omega Underwriting is also planning a move and Catlin Ltd., which is taking over Wellington Underwriting Plc, already has its holding company in Bermuda.