Primus Guaranty Ltd. last week became the latest Bermuda-based insurer to be publicly traded on the New York Stock Exchange when it raised $139.7 million in an initial public offering this week.

Primus, a credit insurer, sold 10.3 million common shares at $13.50 per share on the New York Stock Exchange. The price was at the lower end of the anticipated selling range of $13.50 to $15.50.

Of the 10.3 million shares sold, the Company sold 9.1 million shares and some existing shareholders sold 1.2 million shares. Net proceeds to the Company, after underwriting discounts and estimated expenses related to the offering, will be approximately $111.5 million, the company said.

Primus joins some 18 other Bermuda-registered insurers that are listed on US stock exchanges.