Ockham Holdings sold 30% of the shares it made available under an open offer that closed last week.

The rest of the shares were taken up by institutional investors that underwrote the offer in a deal arranged by Numis Securities.

The company will use £23m to increase capacity for its principal operating subsidiary, motor insurer Highway with £3m for the running of the company.

Highway managing director Andrew Gibson was "quite pleased" with the 30% take-up.

"To raise £25m in these market conditions is very encouraging," he said.

Trading in the new shares is expected to start on 12 April.

  • In our recent coverage of Hardy Underwriting, we reported that its World Trade Centre losses were estimated at 2.8% of capacity for 2001.

    Hardy's losses are estimated at 4% of capacity, a reduction from its original estimate of 5%.

    This equates to less than £2m on its capacity for 2001.

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