Ace has announced plans for an initial public offering (IPO) of its financial guaranty business, revealed a report.
Ace said the new company would be a Bermuda-based holding company that would acquire the stock of Ace's subsidiaries that current conduct its financial guarantee business. These would include Ace Capital Re International and Ace Guarantee Corporation, said the report.
Ace intends to offer between 65 and 75% of its interest in the new company. It said the IPO would be completed sometime in the first half of 2004, depending on market conditions and regulatory approval, the report concluded.
