Heritage Underwriting Agency, a provider of insurance underwriting services in the UK, has revealed plans to list on the AIM stock exchange at the beginning of August.

According to reports, Heritage intends to use the listing to raise GBP18 million in order to finance an expansion of its business. The firm also hopes the float will support its efforts to increase managed capacity by around GBP30 million to GBP265 million

The insurance underwriter wants to create a new wing in underwriting personal accident risks. Currently the company’s business is focused on underwriting worldwide property and non-US liability risks.

Heritage anticipates receiving approval from the London Stock Exchange to list on the AIM exchange and for its shares to start trading at 8am on August 1.