Lloyd's insurer Chaucer said that as part of its arrangements for the provision of underwriting capital for the 2003 year, a £16m together with a small overdraft facility has been arranged with Lloyds TSB Bank.
After repaying an existing bank loan, the effective provision of new finance is £10m.
As a result of this and new capital raised in the Summer, the Chaucer Group's 2003 underwriting is expected to exceed £220m.
