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.