PX Re has completed a 2.2 million common share offering at US$21.75 per share, announced the company.
Of the total 2.2 million shares, 1.06 million were offered by PX Re, with the remaining 1.13 million offered by Phoenix Life Insurance Company, one of PX Re's common shareholders. PX Re did not receive any of the proceeds from the sale of shares by Phoenix.
Net proceeds to the reinsurer, from the sale of the common shares sold by PX Re, were approximately $20.4m. PX Re said it expected to use its net proceeds from the sale of common shares for general corporate purposes, including contributions to the capital of its Bermuda subsidiary to support growth in its business.
PX Re, with operations in Bermuda, Barbados, the US and Europe, specialises in providing reinsurance products and services.
Its primary focus is providing property catastrophe and retrocessional coverage. The company also provides marine and aerospace and finite reinsurance products and services.
