SOCIF says it will raise £256m by November
The SOC Insurance Fund (SOCIF) needs to have $400m (£256m) funds in place for its new venture by the end of November.
The £256m will be used to support underwriting through a new corporate Lloyd's syndicate on a number of other Lloyd's syndicates using a bespoke reinsurance contract.
The SOC group, whose chairman is outgoing Lloyd's chairman Sax Riley, has gone public with the plan that has been the source of speculation since August.
SOCIF is aiming to raise $120m (£77m) from equity investors in the UK and abroad, and $280m (£179m) from bondholders.
A prospectus for prospective equity investors on the investors was published in late August. The closing date for equity investors to sign up was originally the end of September, but it has been extended until 28 October due to demand, said SOCIF.
Nomura International has been recruited to arrange the bond issue and SOCIF is also being advised by lawyers DJ Freeman.
SOCIF could not comment on when the bond issue would be taking place, but said all the funds need to be raised and in place for the Lloyd's coming into line date at the end of November.
SOCIF chief executive Tim Riddell said that the company is on line to meet its target.
