Bank holiday blues have left much of the market static this week. But Lloyd's managing agent Advent is hoping to instil some energy by heading for an AIM listing later this week.
Advent has raised £65m in new financing, roughly £40m from UK, US and Canadian investors, while the remaining £25m is in debt. Alongside its Syndicate 780, Advent is a traditional Lloyd's managing agent writing majority treaty property reinsurance business, with a mix of non-marine and marine, and a smidgen of energy and personal accident.
This blend has kept its accounts relatively catastrophe-free since 1975 and has outperformed the Lloyd's market in 27 of the past 29 closed years of account, according to Advent.
Chairman Brian Caudle said the new capital would be used to provide permanent support for 2006. Advent raised £153m in capital for 2005. It reported a profit of £50m for 2002 and is forecasting £68m profit for 2003. The company placed its shares at 35p with 52% already allocated, indicating a capitalisation of £77m.
A notable event last week was Jardine Lloyd Thompson executive director Dominic Burke's shopping spree, when he purchased 25,000 JLT shares priced at 334.75p, setting him back £86,000. Does he know something? Could that Benfield/JLT merger finally, finally be afoot?
