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(From Reinsurance)
The board of Heritage Underwriting Agency has officially announced its intention to float on AIM.
As regards fundraising, the group will take the opportunity of the initial public offering (IPO) to raise new capital in order to support planned growth in underwriting (increasing managed capacity from GBP230m to approximately GBP265m); capitalise on the favourable market conditions brought about by the 2005 hurricane season; and support a new team in underwriting personal-accident risks.
The directors are seeking to raise up to GBP18m before expenses through the fundraising, of which GBP15m has been conditionally raised through the placing. Up to a maximum amount of GBP3m is intended to be raised for the company under the offer for subscription. Application will be made to the London Stock Exchange for the ordinary shares ...