Chaucer admits plans to raise capital
by David Masters
Story link: Chaucer admits plans to raise capital
Lloyd’s insurer Chaucer Holdings has confirmed reports that it is exploring options to raise capital.
A statement from Chaucer read: “The company confirms that it is currently exploring its options for raising capital in light of the improving underwriting outlook for the insurance sector and the company’s capital requirements.”
The comments were made following a Financial Times report that Chaucer plans to raise up to £100 million from shareholders.
According to the FT, Chaucer’s capital has been hit by high claims and poor investment performance.
Chaucer shareholders will be updated on the situation at the appropriate time, the company said.