Heritage Underwriting Agency, the London based Lloyd's insurer, has begun share dealings on the London Stock Exchanges Alternative Investment Market (AIM).
The company raised £15.4m before expenses through the placing of its shares, less than the £18m it had earlier said it was looking to raise.
Heritage said the placing, which equates to £13m after expenses, will be used to support growth in underwriting, to capitalise on the favourable market conditions brought about by the 2005 hurricane season, and to support a new team in underwriting personal accident risks.
Richard Pexton, chief executive, said: “Market conditions in our areas of expertise are excellent. The fundraising provides us the opportunity to not only increase total managed capacity but also to significantly increase our own. A listing on AIM at this time is attractive for the company and provides access to future capital.”
