QBE, RenRe Make Public Share Offerings
Australia’s QBE and Bermuda’s RenaissanceRe have launched public offerings of their shares in an effort to raise additional capital.
QBE, which controls around 8 percent of the Lloyd’s market, and is heavily committed to reinsurance portfolios has estimated its losses from the September 11 attacks at around $125 million. The company plans on selling around $255 million worth of shares to help rebuild its capital base, and to increase its capacity in expectation of growth opportunities and premium raises in the reinsurance industry.
RenRe has already taken two initiatives to increase its capacity. It plans to up the capitalization of its Glencoe commercial property subsidiary by $100 million (see IJ Website, Sept. 20) and has launched Da Vinci Re in partnership with State Farm which will be initially capitalized at $500 million (See IJ Website, Oct. 10).
The company announced that it had sold the entire offering for $94.30 a share, and expects to receive net proceeds of around $233 million.
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