Bermuda-based AXIS Capital Holdings Limited announced that Trident II, L.P. and related entities have agreed to sell 3,150,000 of AXIS Capital’s common shares in a block trade, plus any additional shares that may be sold upon exercise of the underwriter’s option to purchase additional shares.
AXIS shares are currently trading at around $31.35 on the New York Stock Exchange, making the sale worth around $98.75 million.
Trident II, an investment fund established by Marsh Inc., was one of the original investors in AXIS, when it was formed in November 2001, following the Sept. 11 attacks.
The bulletin noted: “Banc of America Securities will be the underwriter in the offering of the shares to public investors. The common shares are being offered under AXIS Capital’s Form S-3 shelf registration statement (No. 333-118023). Trident will receive all net proceeds from the sale.
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