Bermuda-based Max Re Capital Ltd. announced that Bank of America Securities LLC and Citigroup Global Market Inc. have exercised their option to purchase an additional 1,650,000 common shares of Max Re Capital Ltd.
The option to purchase the additional shares was granted in connection with the public offering of common shares of Max Re Capital Ltd. on Oct. 11, 2005. This action raises the total number of shares purchased through the offering to 12,650,000 common shares at a price per common share of $23.50, for total gross proceeds of $297 million.
The company intends to use the proceeds of the offering to increase the capital and surplus of its reinsurance operating subsidiaries to support expanded underwriting capacity, particularly in property and property catastrophe reinsurance lines.
Topics Underwriting
Was this article valuable?
Here are more articles you may enjoy.
Chubb to Serve as Lead US Insurer for Gulf Shipping Amid Iran War 
Why Is it so Easy for Iran to Shut the Strait of Hormuz? 
Travelers Stranded by War Learn Insurance Won’t Cover Flight Cancellations 
CRC Group CEO on Casualty: ‘It’s More About the Coverage’ Than Price 
