Barclays upgrades UK's Hiscox to 'overweight', shares up

Barclays upgrades British insurer Hiscox HSX.L to "overweight" from "equal weight"

Raises PT to 1,400p from 1,180p, a 10.93% upside to stock's last close

HSX up ~1.03% at 1,275p on Fri

Brokerage cites co's ambition to accelerate growth and profitability in its retail business as a differentiator amid expected softening in "large-ticket" reinsurance and commercial markets

In May, co said it expects $200 million (148.4 million pounds) in annual savings from 2028 by overhauling operations to cut costs and scale globally

The savings should place the Retail segment at the better end of the range - Barclays

Average rating of 14 analysts is "buy"; median PT 1,400p — data compiled by LSEG

As of last close, HSX up ~16.52% YTD

(1 British pound = $1.3476)