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.
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
Sentry to Sponsor PGA Tournament at Torrey Pines 
AIG’s Turnaround Under Zaffino Sets Stage for New Leadership 
Shipper Escapes $41.9M Award for Man Paralyzed When Lights Fell From Pallet on Him 
