WASHINGTON (Dow Jones/AP) - The underwriters for St. Paul Co.'s spin-off of its reinsurance unit, Platinum Underwriters Holdings Ltd., have cut the value of the deal to around $782 million from $920 million, according to a regulatory filing.

The offering terms are now 34 million shares with a price range of $22.50 to $23.50 each, according to a Friday filing with the Securities and Exchange Commission.

The underwriters also set aside 5.1 million common shares to meet demand. In July, the proposed IPO of Bermuda-based Platinum Underwriters, then set at 40 million shares at a price of $23 a share, was delayed because of market conditions.

Platinum said in Friday's filing that it intends to offer separately $125 million of equity security units. The units will consist of a contract to purchase Platinum shares in 2005 and an ownership interest in a senior note due in 2007.

Additional details of the equity security units will be provided in a future prospectus. Concurrently with the IPO, Platinum will receive a cash contribution from St. Paul Cos. in exchange for an undetermined number of common shares and an option to purchase an additional undetermined number of shares.

St. Paul, which is based in St. Paul, Minnesota, will be limited to a 9.9 percent voting stake in Platinum.