Reliance Surety Group has asked Securities and Exchange Commission regulators to withdraw its proposal for an initial public offering.
The back-tracking is a result of the parent company’s recent deal with Travelers Casualty and Surety Co. to sell off its surety and fidelity business.
Reliance Group Holdings made the agreement with Travelers in late February for approximately $580 million. Reliance Surety had filed its IPO plans with the SEC in late October, 1999. It had planned to raise as much as $100 million.
Was this article valuable?
Here are more articles you may enjoy.
New York Regulates Consumer Litigation Financing 
’60 Minutes’ Homeowners Ask Court to Force DFS to Divulge Heritage Probe Info 
Berkshire Hathaway Raises New CEO Abel’s Salary to $25 Million 
Good Times for US P/C Insurers May Not Last; Auto Challenges Ahead 
