Cox Insurance Holdings has announced it is to raise approximately £70m via a placing and open offer of new ordinary shares.
The placing and open offer proceeds are intended to capitalise the new dedicated corporate member subsidiary and provide working capital for the group.
The group said it has signed a definitive agreement with Lloyd's that will result in isolating the existing dedicated corporate member subsidiaries of Cox and containing "any further exposure of the group to the underwriting liabilities of those subsidiaries".
Chief executive Michael Dawson said the group's restructuring is now near completion.
The appointment of Peter Owen as non-executive chairman was also announced by the group.
