Bermuda-based AGC Holdings Limited, a wholly owned subsidiary of ACE Limited, announced it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering.
As previously announced, ACE expects to offer approximately 65 percent to 75 percent of its interest in AGC Holdings Limited, which is comprised of its financial guaranty business.
The IPO is expected to be completed in the first half of 2004, subject to market conditions and receipt of various regulatory approvals. The number of shares to be offered and the price range for the offering have not yet been determined.
Dominic J. Frederico, vice chairman of ACE Limited, will become full-time president and chief executive officer of AGC Holdings Limited and will remain a member of ACE’s Board of Directors.
The joint book-running managers on the offering are Banc of America Securities LLC and Goldman, Sachs & Co. Citigroup will act as co-lead manager.
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