Bermuda-based reinsurer Scottish Annuity & Life announced yesterday that it had filed with the Securities and Exchange Commission (SEC) for the proposed offering of 5 million new ordinary shares.

The proposed share offer follows the company's listing on the New York Stock Exchange earlier this year. The company, which moved its headquarters to Bermuda last year, was previously listed on the Nasdaq Stock Market. Its initial public offering was in November 1998.

The current proposed share offering is being lead-managed by Bear, Stearns & Co. Inc. and co-managed by Putnam Lovell Securities, Fox-Pitt, Kelton and Keefe, Bruyette & Woods. A press statement said however that the SEC filing had not yet become effective.

Scottish Annuity & Life is a global life reinsurance specialist and issuer of customised life-insurance based wealth management products.