ACE's Assured Guaranty Spin-Off Nets $882M
NU Online News Service, April 26, 12:28 p.m. EDT?The Bermuda-based insurer ACE has spun off its Assured Guaranty unit with an initial public offering that raised $882 million with the sale of 49 million shares on the New York Stock Exchange.[@@]
The plan to take the Assured Guaranty unit public was first announced by ACE last December. In the announcement, ACE said the move would improve the parent company ACE's balance sheet and free up funds to expand its core business as a property-casualty insurer.
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