ACE Ltd. announced that it has agreed to sell 11 million shares through a public offering, raising approximately $359.5 million.
“Banc of America Securities LLC acted as the sole underwriter in the offering. The proceeds from the offering initially will be invested in investment-grade marketable securities which will be used to support ACE’s guaranty of a subsidiary’s trust preferred securities. Upon repayment of these preferred securities, the proceeds will be used for general corporate purposes,” said the announcement.
Was this article valuable?
Here are more articles you may enjoy.
Mapfre to Acquire Safety Insurance for $1.54 Billion in Cash Deal 
NYC Says Source of Legionnaires’ Disease Has Been Eliminated 
Allstate’s $1.7M RICO Claims Fraud Suit Merits Trial, Not Arbitration: NJ High Court 
Jury Awards 78-Year-Old Victim $56 Million for Crash Caused by Amazon Delivery Driver 
