Max Re Capital Reports Underwriter’s Purchase of Added Common Shares
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.
- Travelers Reports Solid Underwriting, Record Investment Income for Q3
- Broad AI Exclusions in Insurance Policies Could Create Uncertainty, Marsh CEO Says
- Adjuster Created Law Firm and Fake Claim to Defraud Insurer of $1M, Officials Charge
- Florida Congressional Candidate Says Home Ground Wires to Be Replaced After Suit