(Sharecast News) - Insurer Beazley announced on Tuesday that it was looking to raise £385m in a share placing to support organic growth and provide growth capital to fund "attractive" underwriting opportunities.
Beazley plans to sell just under 61m new ordinary shares, which represents approximately 9.99% of the existing issued share capital.
The placing will be conducted through an accelerated bookbuilding process launched immediately, it said, with JPMorgan Cazenove and Numis acting as joint bookrunners.
"The company has a strong track record of profitable growth which has been delivered over many years," it said. "The market dislocation in select insurance classes gives us a strategic opportunity to accelerate our growth trajectory and increase net premium exposure in areas where we believe we can deliver outsized returns, namely cyber and specialty business.
"The board of directors has considered the optimal capital structure for the group and believes that it is an appropriate time for the company to raise equity in order to fuel Beazley's growth plans while maintaining a strong balance sheet that can withstand a range of stress scenarios. Beazley continues to maintain its strong underwriting discipline with a focus on risk quality and selection."
Beazley (BEZ)