Chaucer increased its offer for third party capacity following the planned merger of two of its syndicates.
It increased its offer price to 11p per pound of capacity from 7.5p for 2004.
The increase was conditional on Chaucer receiving acceptances from members holding more than 50% of the non-aligned capacity.
If this condition is not met, it will stick with its earlier offer.
Chaucer announced last month its plan to merge Syndicates 587 and 1096 into Syndicate 1084 for the 2004 year of account.
An EGM called to consider the offer was adjourned to 5 August from 17 July.
