Montpelier Re announces common shares offering
Bnamericas Published: Friday, June 27, 2003
Bermuda-based reinsurance firm Montpelier Re Holdings Ltd. (NYSE:MRH) said Thursday that the secondary public offering of 7 million of its common shares by shareholders has been priced at $30.50 a share. Certain selling shareholders have also granted the underwriters an option to purchase an additional 1.05 million common shares available for sale to cover over-allotments, the statement added. Montpelier did not sell any common shares in the offering. The selling shareholders will receive all the net proceeds. The managing underwriters for the offering are Morgan Stanley & Co. Incorporated, Banc of America Securities LLC and Credit Suisse First Boston LLC. Montpelier Re Holdings Ltd. Is a Bermudian reinsurer for the global insurance market. Founded by fellow Bermudian insurance holding company White Mountains and reinsurance intermediary and risk advisory agency Benfield, Montpelier Re began operations in December 2001 with an initial capital of some US$1bn.
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