Everest Re raises nearly $1.5bn in fresh capital
Everest Re Group Ltd, the Bermudian-based re/insurer, has raised nearly $1.5 billion in a fully subscribed public offering of common shares of the company.
The capital raise, which concluded on Friday, comes just weeks in advance of the mid-year reinsurance renewals.
In a filing with the US Securities and Exchange Commission, Everest Re reported that 4.14 million common shares of the company, which includes full exercise of the underwriters’ option to purchase an additional 540,000 common shares, were subscribed at a public offering price of $360 per share.
The company said it expects to use the net proceeds from the offering for general corporate purposes, which may include expanding its existing business lines and operations.
The final offering reflected an upsizing of a previously announced offering of 3 million shares and 450,000 option shares granted to the underwriters.
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