company for a reinsurance group setting up operating subsidiaries in Australia and Bermuda, has completed a $150 million equity offering, the company revealed.

Initially, the Australian subsidiary will be the principal operating company and will write specialised treaty reinsurance business from around the world.

The subsidiaries start-up capital is about $140 million.

By year end, combined insurance operations capital should reach $200 million.

The holding company, incorporated in Bermuda on August 30, expects to list on the Australian Stock Exchange on December 12. The Bermuda subsidiary was incorporated on October 10.

During October, New Cap Re raised the $150 million through a global private equity offering.

Chase Securities Inc. and Bain & Company Corporate Finance Ltd., a subsidiary of Deutsche Morgan Grenfell, acted as global co-placements agents with Bain & Company underwriting $105 million of the placement.

Chase Securities served as the company's financial advisor on the offering.

Eldon Capital, Inc. also assisted in structuring the transaction.

The original company was developed by Volker de Chelard, former underwriter of GIO Re in Australia, along with Paul Williams, a Chicago-based reinsurance intermediary and Jonathan Beach, a Toronto-based insurance entrepreneur.