Lloyd’s of London insurers are going back to “names” – private investors – in a quest for underwriting capital, according to a report in the Financial Times

After Lloyd’s insurer Amlin raised a reported ÂŁ50 million (nearly $75 million) from names to fund its new syndicate 6106 in December 2008, other Lloyd’s insurers are planning to follow suit, the FT goes on.

Alistair Wood, head of research at Hampden Agencies, one of the three members' agencies responsible for directing private money into the Lloyd’s market, said: “We are talking to a number of insurers who are interested in raising private capital this way and investors are eager to take advantage of an improving market.

“The [Amlin] fundraising took just three weeks from start to finish and the costs were low. This compares favourably to a long timetable and the much higher costs of a public fund­raising.”

Sir Adam Ridley, formerly director-general of the London Investment Banking Association and a name since 1977, is reported as saying: “The Amlin deal looks very promising and I’ve increased my exposure there.

“At this stage, I plan to continue to look very actively at the Lloyd’s market as the year unfolds. The improving circumstances in the past four or five months make it quite attractive.”

James Mackay, executive director at Argenta, a members’ agency, said: “We are seeing almost daily enquiries from investors looking to set up a vehicle at Lloyd’s and start underwriting for the 2010 account.”