Chubb Corp. said it has completed its deal with a private equity firm, Stone Point Capital LLC, to launch a Bermuda-based reinsurer, investing $1.5 billion in the deal.
The Warren, N.J.-based insurer said Harbor Point has provided $200 million in 6 percent convertible notes and warrants, representing approximately 16 percent of the total equity of the new company.
Chubb said it expects the transaction to result in a pre-tax gain of approximately $200 million, of which $168 million would be recognized in the fourth quarter of 2005 and $32 million would be deferred.
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