Latest Funding Headlines
All the headlines from our Funding Topic Page, ordered by recency.
XL to Raise App. $2.8 Billion; Wilma Losses Estimated at $210 Net
Dec 2 2005 // Bermuda’s storm battered XL Capital Ltd. is taking a big step in its efforts to restore its somewhat diminished capitalization. According to A.M. Best, the insurer recorded $1.5 billion loss in the third quarter, and...
Wilma’s $6 Billion Cost to Insurers Raises Industry’s Catastrophe Loss Total to Record $50 Billion
Nov 29 2005 // U.S. property/casualty insurers are expected to pay an estimated $6.1 billion to Florida policyholders for insured property losses from Hurricane Wilma, pushing year-to-date catastrophe losses to $50.3 billion, an all-time...
AXIS to Raise $400 Million from Common and Preferred Share Sales
Nov 16 2005 // Bermuda’s AXIS Capital Holdings Limited announced that it has agreed to sell 6.8 million common shares in a block trade. It also intends to offer, subject to market conditions, a certain amount of preferred...
U.K.’s Omega Underwriting to Raise $157 Million; Forming Bermuda Sub
Nov 14 2005 // The U.K.’s Omega Underwriting Holdings PLC, a leading Lloyd’s insurer (Syndicate 958), has announced plans to raise £90 million ($157 million), both to increase syndicate capacity and to support the...
Max Re Plans 11 Million Share Offer; To Raise $265 Million in Capital
Oct 11 2005 // Bermuda-based Max Re Capital Ltd. became the latest reinsurer to go to the capital markets for more money in the wake of the losses from Katrina and Rita. The company announced that it plans, “subject to market and...
5TH Annual MHBT Charity Golf Classic Raises $45,000 for Local Charities
Oct 5 2005 // Dallas-based McQueary Henry Bowles Troy LLP announced today that its fifth annual charity golf tournament raised approximately $45,000 for The Trains at Northpark, benefiting the Ronald McDonald House of Dallas and...
Santa Rosa State Fund Office Raises $5K for Katrina Victims
Sep 21 2005 // State Compensation Insurance Fund’s Santa Rosa District Office has contributed approximately $5,300 to the Hurricane Katrina relief effort. The office’s Hurricane Katrina contribution is just one of many...
AARIS Employees Raise Nearly $179,000 for Katrina Relief Efforts
Sep 14 2005 // As part of an ongoing commitment to its community outreach programs, American All Risk Insurance Services announced that it has donated $178,939 to the American Red Cross Katrina relief efforts. “Giving back to our...
Conseco Raises $320 Million in Offering
Aug 15 2005 // Conseco Inc. on Monday closed its previously announced private offering of 3.50 percent Convertible Debentures due Sept. 30, 2035 and completed the amendment of its senior secured credit facility. The initial purchasers...
ABI Study Finds “Extreme Weather” Could Raise Losses to $27 Billion
Jun 30 2005 // The Association of British Insurers (ABI) has released a ground-breaking report, “Financial Risks of Climate Change,” which shows that the worldwide costs of major storms is likely to increase by as much as...
SCOR to Raise $282 Million to Fund IRP Purchase; Best Sees Ratings as Being Unaffected
Jun 23 2005 // France’s SCOR Group plans to issue 130 million new shares, raising around 201.5 million euros ($243.6 million) in new capital, primarily to fund the purchase of the outstanding shares of Irish Reinsurance Partners...
PartnerRe Update on Accelerated Share Repurchase
Apr 12 2005 // Bermuda-based PartnerRe Ltd. has announced final settlement of the accelerated share repurchase announced by the Company in December 2004. “Deutsche Bank AG London Branch has completed its purchase of 2 million...
Miss. Gov. Barbour Expected to Sign HB 722, Raise PIP Coverage to $25,000
Mar 28 2005 // Mississippi House Bill 722, a measure to increase motorists’ liability insurance coverage from $5,000 to $25,000 has been send by the House to Governor Haley Barbour for his signature. “It’s just asking...
AXIS Ups Dividend; Increases Share Repurchase Plan
Mar 15 2005 // Bermuda-based AXIS Capital Holdings Limited announced that its Board of Directors has authorized the Company to engage in two capital management initiatives. The Board approved a 20 percent increase in the quarterly...
Allianz to Raise $5.24 Billion with New Debt Offerings; Best Rates Issues ‘aa-‘
Jan 27 2005 // Allianz AG said it was taking “advantage of attractive capital market conditions to launch an innovative financing transaction. The German giant plans an “All-in-one” package, with the launch of three...
PartnerRe Accelerates 2 Million Share Repurchase
Dec 28 2004 // Bermuda-based PartnerRe Ltd. announced the repurchase of 2 million shares of its common stock in an accelerated share repurchase agreement. The bulletin, released Friday, Dec. 23, said the shares would “be purchased...
Quanta Capital Raises $40 Million; Best Rates Insurer’s EU Sub ‘A-‘
Dec 22 2004 // Bermuda-based Quanta Capital Holdings Ltd., which provides specialty insurance, reinsurance, and risk consulting services through its subsidiaries, announced that it has completed the private placement of $40 million of...
AXIS Authorizes $350 Million Share Repurchase Plan
Dec 13 2004 // Bermuda’s AXIS Capital Holdings Limited announced that its Board of Directors has approved the repurchase of up to $350 million of its common shares. “The repurchases are expected to be effected from time to...
PALMER & CAY RAISES $50,000:
Nov 8 2004 // Palmer & Cay hosted the First Annual “Fight Against Brain Tumors Charity Golf Classic” at White Columns Country Club in Alpharetta, Ga. With more than 130 people in attendance, representing more than 50...
U.K.’s Beazley to Raise $190 Million to Fund Omaha Insurance Acquisition
Nov 2 2004 // Lloyd’s insurer Beazley Furlonge Ltd. announced that it plans to raise £105 million ($191 million) through a rights issue, to both strengthen its capital position, and to fund the acquisition of Omaha Insurance...
