Amlin is pulling the corporate insurance business of Fortis from the limbo of Dutch-government ownership after the Lloyd’s of London insurer bought it for €350m (£303m).

Amlin said that the acquisition would give it a better foothold in Europe and diversify its risks. The FTSE 100 company is funding the deal mostly out of cash reserves, but on Tuesday also raised £76.4m through the placing of 23.5m new shares – about 5 per cent of its total share capital – at 325p. Amlin shares closed 2½p up at 341½p