HISCOX BUYS UP SHARES IN PAVILLION

London market insurer Hiscox bought 6.28m shares in Pavillion Insurance Network on Friday, giving it a 13.45% stake in the specialist insurance provider. Pavillion’s chief executive and the firm’s largest shareholder Andrew Selby sold 500,000 family-owned shares in the business to accommodate Hiscox, taking his shareholding down to 22.3%, while individual investor Michael Grimes sold 2.64m shares reducing his stake to 11.83%. Pavilion Insurance listed on the London Stock Exchange's Alternative Investment Market in June 2004. Commenting on its new shareholder, Mr Selby said: “ Hiscox is one of the UK’s most respected insurance businesses and we're delighted that they have taken such a considerable stake in Pavilion” .David Astor, chief investment officer at Hiscox, said the company is “very happy to become investors in Pavilion at a particularly exciting time in the development of their business”.