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 reinsuranceoperations to a newly-formed Bermuda-based reinsurer calledPlatinum Underwriters Holdings Ltd., which will write property andcasualty reinsurance on a worldwide basis
Platinum intends to offer to the public 75.1 percent of itscommon shares, which is expected to raise approximately $1 billionin capital for its operations.
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