Bermuda-based PXRE Group Ltd. announced that it has priced a public offering of 5,251,686 shares of common stock at $23.75 per share, consisting of 3,724,803 shares offered by the Company and 1,526,883 shares offered by certain selling shareholders.
The bulletin said that the net proceeds to PXRE will be approximately $83 million; however, “the Company will not receive any of the proceeds from the sale of shares by the selling shareholders.”
PXRE said it “expects to contribute the net proceeds to PXRE Reinsurance Ltd., its Bermuda reinsurance subsidiary, to support the underwriting of additional reinsurance business during the January 1, 2005 renewal period and throughout the balance of 2005.”
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