Platinum Files $750 Million Shelf Registration

March 24, 2004

Bermuda-based Platinum Underwriters Holdings, Ltd. announced that it has filed an unallocated universal shelf registration statement with the Securities and Exchange Commission.

The company indicated that once the statement has become effective, “Platinum and / or the selling shareholders described below may sell in one or more offerings up to $750 million of securities. To effect any such sales from time to time, Platinum will file one or more supplements to the prospectus, which will provide details of any proposed offering.”

The bulletin described the securities registered under the shelf registration statement as including up to 18,460,000 common shares, “which includes common shares issuable upon exercise of options, beneficially owned by The St. Paul Companies, Inc. and RenaissanceRe Holdings Ltd.

Platinum was originally formed through the spin-off of St. Paul Re and the St. Paul owns approximately 24 percent of the company’s shares. RenRe owns around 13 percent. The bulletin said they had “advised Platinum that they are participating in the registration to preserve flexibility to include some or all of their respective shares in any offering of shares in the future pursuant to the registration statement.”

Platinum’s announcement added that, “The registration of the selling shareholders’ common shares does not necessarily mean that the selling shareholders will offer or sell any of their shares. Platinum will not receive any proceeds from any sale of shares by selling shareholders.”

Was this article valuable?

Here are more articles you may enjoy.