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.
AI for the Defense: Should Insurers or Law Firms Pay? 
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model 
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
