Exchange Commission to sell $100 million in senior notes.

The property and casualty insurance company's unit, Sphere Drake Ltd., is offering the notes, which will be guaranteed by Sphere Drake Holdings.

Sphere Drake Holdings said it will contribute about $46 million from the sale to Sphere Drake Insurance Plc, its British insurance and reinsurance subsidiary to increase its capital and surplus.

The company expected to use about $26 million to repay bank loans and $26 million to repay intercompany debt.

Sphere Drake Holdings Ltd. underwrites specialty lines of international property and casualty insurance and reinsurance through its operating subsidiaries in London and Bermuda.

The company's business consists of a wide range of marine and aviation and non-marine insurance and reinsurance risks worldwide, and alternative risk transfer business, with an emphasis on US-based clients.