2nd Lloyd’s insurer targets AIM
Article Date: May 23 2005Broker Numis is seeking to raise up to £50 million on AIM for Advent Capital Holdings, chaired by veteran Lloyd’s underwriter Brian Caudle.
Numis, which recently brought Omega Underwriting to AIM backed by Lloyd’s luminaries, remains tight-lipped about the details of Advent’s float, though bulls optimistically suggest it could put a value of up to £90 million on the company.
Observers suggest float proceeds could help replace a partial withdrawal of corporate underwriting capacity from Advent’s Lloyd’s Syndicate 780 by the Canadian Fairfax group and others.
Caudle has been underwriter for Syndicate 780, which specialises in reinsuring other syndicates against losses exceeding predetermined levels. The syndicate had suffered losses of its own, but more recently has shown handsome returns.
Omega raised £18 million at 115p in April. The shares now trade at 109.5p.
