St. Paul Forms Re Unit In Bermuda
NU Online News, April 25, 2:05 p.m. EST?The St. Paul Companies said it plans to transfer its ongoing reinsurance operations to a newly-formed Bermuda-based reinsurer called Platinum Underwriters Holdings Ltd., which will write property and casualty reinsurance on a worldwide basis
Platinum intends to offer to the public 75.1 percent of its common shares, which is expected to raise approximately $1 billion in capital for its operations.
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