According to news reports ACE Limited’s initial public offering of its credit unit, Assured Guaranty, is set to raise approximately $1 billion.
ACE is spinning off the Bermuda-based operation, which specializes in financial guarantees, including credit derivatives, which improve the credit of underlying debt obligations by financial institutions.
Plans call for an initial sale of 49 million shares at an estimated price of $18-$20 per share. The parent company will initially retain around a 35 percent stake in Assured Guaranty, but this could be reduced to 25 percent if the underwriters exercise their over-allotment options.
Was this article valuable?
Here are more articles you may enjoy.
US Climate Prediction Center Sees 69% Chance of Historic El Niño 
Seven People Charged in $100M Workers’ Compensation Fraud Operation in Florida 
AI Data Center Boom Is ‘Maxing Out’ P/C Insurers, AIG CEO Says 
Lindsay Clancy Trial Focus Turns to Drugs Prescribed Before She Killed Her 3 Children 
