CLM Insurance Fund raised pounds 105m, far less than pounds 200m target; public offer was substantially undersubscribed. Syndicate selection: CLM Advisers, a subsidiary of Sedgwick, the insurance broker. CLM had arranged pounds 285m of underwriting capacity on more than 70 syndicates, more than it will need. Profit commission is 7.5 per cent. Dealings begin tomorrow.
Angerstein Underwriting Trust, from NatWest Markets Corporate Finance, is seeking to raise up to pounds 72m after expenses. Syndicate selection: Stace Barr Underwriting Agencies, an independent members' agent with one of the best records in the market. Angerstein will back 60-70 syndicates. Profit commission is 5 per cent, rising to 7.5 per cent if profits exceed 10 per cent of allocated premiums.
Finsbury Underwriting Investment Trust's launch was a success and could have raised pounds 15m more than its pounds 30m target. Syndicate selection: Wren Underwriting Agencies, arguably the best performer among the larger members' agents. FUIT will underwrite pounds 50m of premiums across 50 syndicates. Profit commission of 5 per cent. Shares traded yesterday at an 8p premium to the 100p offer price.
Premium Underwriting and Premium Trust increased the size of its issue to pounds 33m. Syndicate selection: Wellington Members Agency, a large firm with a moderate record, has provisionally arranged pounds 54m of capacity across 45 syndicates. Profit commission is 6 per cent. Dealings should begin on 10 December.
Hiscox Select Insurance Fund raised pounds 28.9m after expenses. Syndicate selection: Roberts & Hiscox, one of the best-performing members' agents, has conditionally placed pounds 46m of capacity. The fund intends to back 70 syndicates. Profit commission is 7.5 per cent. Shares traded yesterday at an 8p premium to the 100p offer price.
Masthead Insurance Underwriting, sponsored by Hambros Bank, is seeking up to pounds 41.4m after expenses. Syndicate selection: Murray Lawrence, one of the best-performing members' agents, is seeking pounds 75m of capacity on no more than 25 syndicates. It has arranged two-thirds of this. Profit commission is 5 per cent. Dealings begin Tuesday.
Corporate Membership is an unlisted investment company aimed at individuals and seeking up to pounds 20m. Syndicate selection: Split between two members' agents, SA Meacock (profit commission of 6 per cent) and Ashley Palmer & Hathaway (7.5 per cent) and overseen by Dan Anber, a Corporate Membership director. The firm has secured pounds 16m of capacity. A management company will receive further fees.
HCG Lloyd's Investment Trust had to scale back to pounds 65m from its pounds 100m target. Syndicate selection: JO Hambro Conning Grimston, a new company drawing upon the skills of Conning & Company, a US insurance research firm. JOHCG has arranged pounds 119m of capacity on 34 syndicates. Profit commission is 6 per cent. HCG intends to restrict its underwriting to one and a half times its capital.
Shares trading 1p below 100p offer price.
Syndicate Capital Trust is seeking to raise between pounds 27.5m and pounds 50m. Syndicate selection: Insurance Analysis. Syndicate Capital has arranged pounds 60m of capacity across 15 syndicates. Profit commission is 5 per cent. Applications must be in by today. Share dealings begin 25 November.
Kiln Cotesworth Corporate Capital Fund is unlisted and seeks up to pounds 10m. Mainly aimed at Lloyd's members who use Kiln Members Agency or Cotesworth & Co as their agent. Syndicate selection: Kiln, one of the best performing agents. Profit commission is 6 per cent. Applications should be in by next Tuesday.
New London Capital had to be scaled back to pounds 60m from SG Warburg's target of pounds 150m. Syndicate selection: a UK subsidiary of Chartwell Reinsurance, a small US company willing to turn away unprofitable business. New London will back about 20 syndicates. Profit commission is 5 per cent, plus share options on performance. Dealings start on Monday.
Abtrust Lloyd's Insurance Trust is seeking up to pounds 30m. Syndicate selection: Bankside, a large members' agent of moderate record, has so far arranged pounds 30m of capacity. Performance-related profit commission rises to 10 per cent on profits in excess of 7.5 per cent of allocated capacity. Applications should be in by Friday. Dealings begin on Wednesday.
Minories Investment Trust will be entirely committed to the Members' Agents' Pooling Arrangement run by Fenchurch Underwriting Agencies.
Others: Lutine Capital Corporation is a dollars 300m company aimed at US investors. Lutine is buying Anton Members Agency, its adviser. London Markets Investors, backed by Salomon Brothers, is raising dollars 300m. It is working with Johnson & Higgins of the US. Delian Lloyd's Investment Trust is a pounds 50m vehicle from Hill Samuel. RF Kershaw is the members' agent acting as adviser. Murray Underwriting is a pounds 25m fund from Murray Johnstone.Reuse content