Legal & General, the UK insurance firm, has become the latest firm in the insurance sector to enter the equity-linked market, following in the footsteps of Swiss Re's highly successful offer last week.

Goldman Sachs and UBS Warburg are acting as joint bookrunners on the £500m (€803m) L&G issue. A L&G spokesman said the firm has a longstanding relationship with UBS while Goldman was appointed as an adviser last year. A source close to the bookrunners said that the books closed at 10:30GMT.