Bermuda-based underwriter Talbot Holdings has secured US$205m of capital to support its underwriting activities at Lloyd's for the 2004 year of account.
A report revealed that the capital includes approximately $64m raised through the issue of new convertible preference shares, which were acquired by investment funds managed by the private equity firm Olympus Partners and investment funds managed by the Reservoir Capital Group and the Intermediate Capital Group.
Talbot said it would use the capital to support the underwriting of its wholly owned Syndicate 1183 during the 2004 year of account. It said this would enable it to increase its capacity to $488m, said the report.
The group said it planned to increase its gross premium income for the 2004 year of account to £258m, compared with gross premium income for 2003 of £246m, revealed the report.
Syndicate 1183 underwrites property, marine, war, political risks and financial institutions at Lloyd's. Chief executive Michael Carpenter and director of underwriting Rupert Atkin lead Talbot's UK business.
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