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Life Health > Life Insurance

Protective Life To Offer Shares

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Another insurer is hoping to raise capital.

Protective Life Corp., Birmingham, Ala., says it will be selling 12.5 million shares of common stock to the public.

The underwriters will have a 30-day option to buy 1.875 million in additional shares to cover over-allotments, Protective Life says.

The company’s stock is selling for about $9 per share.

The net proceeds from the offering will be used for general corporate purposes, the company says.

Merrill Lynch & Company Inc., New York, is the sole book-running manager for the offering.

Principal Financial Group Inc., Des Moines, Iowa, announced a $1 billion stock offering earlier this week, and Aflac Inc., Columbus, Ga., has filed a shelf registration, a document that gives it the ability to offer stock or notes at a later date.


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