Bermuda-based PXRE Group Ltd. announced that it has priced a public offering of 5,251,686 shares of common stock at $23.75 per share, consisting of 3,724,803 shares offered by the Company and 1,526,883 shares offered by certain selling shareholders.
The bulletin said that the net proceeds to PXRE will be approximately $83 million; however, “the Company will not receive any of the proceeds from the sale of shares by the selling shareholders.”
PXRE said it “expects to contribute the net proceeds to PXRE Reinsurance Ltd., its Bermuda reinsurance subsidiary, to support the underwriting of additional reinsurance business during the January 1, 2005 renewal period and throughout the balance of 2005.”
Topics Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Why New York’s Attorney General Objects to Trump’s Bond Insurer 
Uncertainty Keeps Prices Up; No Prior-Year Loss Development: Travelers 
Chubb to Acquire MGA Healthy Paws From Aon 
North Carolina Adjuster and Son Charged With Embezzlement in Roof Jobs 
