Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Life Health > Life Insurance

Scottish Annuity Offers 8 Million Shares

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, July 7, 2003, 12:12 p.m. EDT – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, plans to raise $160 million by selling 7 million new shares of stock to the public and 1.05 million shares to the investment banks that are underwriting the stock sale.

Scottish Annuity, a publicly traded life reinsurer, wants to use some of the proceeds from the new stock sale to buy back up to 1.525 million shares from Pacific Life Insurance Company, Newport Beach, Calif.

Scottish Annuity used 4.5 million shares of its stock to pay to acquire a life reinsurance business from Pacific Life in 2001.

Scottish Annuity stock now sells for about $20 per share.

The managers of the Scottish Annuity offering are Bear, Stearns & Company Inc., New York, and UBS Securities L.L.C., New York.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.