Reinsurer PXRE is to issue a public share offering of 2.2 million of its common shares.
Of the 2.2 million shares involved, 1.06 million will be offered by PXRE, with the remaining 1.13 million common shares being offered by Phoenix Life Insurance Company, one of PXRE's common shareholders.
PXRE said it would use the money raised for general corporate purposes, including contributing capital to its Bermuda subsidiary to support growth.
The company will not receive any proceeds from the sale of the Phoenix common shares.
PXRE's primary focus is providing catastrophe and retrocessional coverage, with operations in Bermuda, the US, Barbados and Europe.
Merrill Lynch, Credit Suisse First Boston, Lazard, and Fox-Pitt Kelton are all involved in managing the offering.
