Extra capital to replace investment fall and grab hard market
Chaucer, the Lloyd’s insurer with a market capitalisation of £148m, is considering raising up to £100m from shareholders, the FT reports
The company has begun sounding out shareholders but has not decided on the exact mechanism for the fundraising, although a share placing could be the favoured option, the FT said.
Chaucer’s investment income fell from £29.2m to £1.5m in the six months to June 30, dragging the company’s pre-tax profit from £47.9m to £3.9m. The company also incurred an unprecedented spate of large losses.
But the FT points out that Chaucer is in areas of the market where prices are expected to rise, such as motor and marine energy, and could take advantage of these conditions.
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