Advent Capital Holdings has raised £30m of capital following a successful share issue.
The deal was underwritten by Fairfax Financial Holdings and Zenith National Insurance Corporation.
Advent said that the deal will see Fairfax chief financial officer Trevor Ambridge join the board.
Today's announcement also included details of Advent's 2003 underwriting plans.
They include the merger of Syndicate 2 into Syndicate 780 which will form a £250m Syndicate.
Advent chief operating officer Keith Thompson said: "We have now entered a difficult period with losses being projected for 2000 and 2001 predominantly as a result of the impact of claims from the World Trade Centre.
"Recognising the potential impact on the Group and at the same time acknowledging the positive changes in the current underwriting environment the Board felt it essential to restructure the business and inject further capital.
"With an underwriting capacity of £250m and a strong underwriting team we will have the financial strength
and focus to continue taking advantage of the improved market conditions.
"Equally we will also have the structure and flexibility to look at any new opportunities as we move forward."
Advent said that the plans had received positive reaction from members agents.
