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Life Reinsurer Raising $109.5 Million

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NU Online News Service, April 4, 12:58 p.m. – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, is offering 6 million ordinary shares of common stock for a price of $18.25 per share.

Scottish Annuity is already a public company, with stock that trades on the New York Stock Exchange.

The new, secondary offering has a total value of $109.5 million, or about 28% of the company’s market capitalization, according to market cap figures from Commodity Systems Inc., Boca Raton, Fla.

The lead manager is Bear, Stearns & Co. Inc., New York.

Scottish Annuity sells life reinsurance and large life insurance policies designed for the wealthy.