Catlin Group Ltd. said that it received acceptances for 98.68 percent of the shares the Bermuda-based insurer was offering in its rights issue.

The two for five rights issue was aimed at raising £200 million ($300 million) after the global stock market meltdown and catastrophe losses sent it to a $13 million loss in 2008 after recording a $543 million profit in 2007.

Catlin said it would issue more than 106 million shares at 205 pence each.