Bids blowing in for hurricane insurer

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It was already the subject of a nil-premium, all-share offer from larger rival Novae - an unsolicited offer for which Chaucer had expressed only lukewarm support.

Today it said it has received "a number" of other approaches that could lead to a deal, though they haven't gone so far as formal bids yet.

Chaucer also wants to raise £75 million from investors via a share placing - money it says it needs to keep writing business to take advantage of rising premiums.

It is issuing shares at 40p each to raise the funds.

The shares are down from a year high of 104p to 40¼p today, which values the company at £140 million.

Chaucer said: "The company has been holding discussions with each of the parties who have made these approaches and the Chaucer board will be meeting later today to consider the proposals put to it."

Chaucer is led by chief executive Ewen Gilmour.