Lloyd's insurer Chaucer Holdings has raised £42m after all the new shares made available under its placing and open offer were taken up by investors.
A Chaucer statement said 39.6 million of the 133.6 million shares made available under its placing and open offer were taken up by the closing date yesterday. The balance will be taken up under the terms of the placing, it said.
As well as bankrolling "acquisitions of further non-aligned capacity", Chaucer said the proceeds from the rights issue would enable it to increase capacity on its marine syndicates, to take advantage of buoyant rates.
At the time of the offer's launch, managing director Ewen Gilmour said: "This funding is an important step of our strategic growth at a time of excellent underwriting conditions. It will enable us to take advantage of these."
