NU Online News Service, July 18, 2003, 12:38 p.m. EDT – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, says it will charge $20.75 per share for an offering of 7 million shares of stock to the public and 1.05 million shares to the offering underwriters.
The life reinsurer hopes to use some of the proceeds from the 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 acquire a life reinsurance business from Pacific Life in 2001.
The managers of the Scottish Annuity offering are Bear, Stearns & Company Inc., New York, and UBS Securities L.L.C., New York.
Scottish Annuity also says it has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission that describes plans to change the name of the company to Scottish Re Group Ltd.
Scottish Annuity now wants to emphasize its life reinsurance business, rather than its annuity reinsurance business, the company says.
Scottish Annuity sells life reinsurance and also issues special life insurance policies designed to help manage the assets of wealthy individuals and families.