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INTERNATIONAL DEALS
International legal practice, Norton Rose LLP, has advised Lloyd’s insurer Chaucer Holdings PLC in relation to its Firm Placing and Placing and Open Offer announced on Wednesday 28 January. Chaucer is proposing to raise approximately £75 million (net of expenses) by way of a Firm Placing of 17,251,680 New Ordinary Shares and a Placing and Open Offer of 182,748,320 New Ordinary Shares, in each case at 40 pence per New Ordinary Share. Chaucer will use £69 million of the net proceeds as funds at Lloyd’s to cover net solvency deficits and to increase underwriting capacity on Syndicate 1084 to £545 million for the 2009 year of account. Commenting, Ewen Gilmour, Chief Executive of Chaucer said: We believe that the proposed capital raising is necessary if we are to maintain our current underwriting strategy and thereby take advantage of the improving market conditions, which we believe is in the best interests of our shareholders. Corporate Insurance Partner at Norton Rose LLP, David Whear commented: We are delighted to have advised Chaucer on this capital raising. We expect the combination of hardening markets, the impact of the 2008 US windstorms, difficult investment climate and the weakening pound against the dollar to result in other insurers taking steps to raise capital over the coming months. The Norton Rose LLP team was led by corporate finance partners Martin Scott and David Whear, assisted by Bob Haken, Ed Sumner, Oliver Cooper, Sara Hamid, Nico Berry, Matthew Foster, Isabella Jones and Chet Behl.
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