Heritage to raise £14.6 million to boost capacity

LONDON— Lloyd's of London company Heritage Underwriting Agency P.L.C. is raising £14.6 million ($28.2 million) through a share issue to boost its underwriting capacity on its property syndicate 1200 for 2007.

Heritage said in a statement that it expected rates for worldwide property catastrophe business will remain "at the high levels experienced during 2006."

Heritage also operates a non-U.S. liability syndicate, 3245, and a discontinued syndicate 1245.