and Exchange Commission to raise $50 million from an offering of two million preferred shares.

The company said the offering would raise its capital to $570 million.

"Capital requirements in the insurance industry have moved higher, fuelled by mergers and acquisitions,'' LaSalle chairman, persident and chief executive Victor Blake said. "We want to provide our customers with the superior security they expect and are entitled to.'' Moody's Investors Service has upgraded its rating of LaSalle's preferred stock to baa2 from ba1.