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.
Mapfre to Acquire Safety Insurance for $1.54 Billion in Cash Deal 
Chubb Q2 Net Income Down 3.8% on ‘Overly Soft’ Large Account, E&S Property 
Allstate’s $1.7M RICO Claims Fraud Suit Merits Trial, Not Arbitration: NJ High Court 
