Shares in Hiscox surged to record highs on Friday as it became the latest UK takeover target after a flurry of overseas bids for British businesses this week.

Canada’s Intact Financial Corp, which provides property and casualty insurance, is said to be exploring a potential takeover of Lloyd’s of London insurer Hiscox, according to a report by the Insurance Post.

Acquiring the London-listed insurer would help build Intact’s commercial lines of business, the Post said, noting that Intact’s chief executive has been looking for a large takeover target and is known to be a “fan” of Hiscox.

The news sent Hiscox’s shares up as much as 15.3% on Friday to an all-time high of £18.90 a share.…