Hiscox, a UK insurer, has become the latest firm in the insurance sector to raise capital in the equity markets in a £56m (€90m) offer led by ING Barings.

This week, UBS Warburg sold a £525m convertible bond for Legal & General, another UK insurance firm. The bank is also leading the initial public offering of Converium, the third-party reinsurance business owned by Zurich Financial Services, the Swiss insurance conglomerate. The Swiss bank is global co-ordinator of the Sfr3.2bn (€2.2bn) offer and a joint bookrunner with Merrill Lynch.