Lloyd's managing agency SVB Syndicates has revealed that 80.4% of the new ordinary shares under the group's open offer have been taken up by investors.
Lloyd's managing agency SVB Syndicates has revealed that investors have taken up 80.4% of the new ordinary shares under the group's open offer.
69,030,779 new ordinary shares were taken up out of the 85,806,264 issued under the scheme.
The specialty lines insurance group said the proceeds would be used to fund the expansion of its UK mid-sized commercial lines business, Fusion. In addition it said it would use the proceeds to, "take advantage of the very favourable current market conditions".
SVB announced details of a firm placing of the placing and open offer of new shares at 44 pence each on 2 May.
The announcement comes as SVB also confirmed its forecasts for the 2001 and 2002 years of account.
Following the revision SVB expects Syndicate 1007 to make a loss in the range 1%-6% for 2001. Syndicate 2147 is expected to make a loss between 0%-5% for the same year.
