Chubb Corp. said it has completed its deal with a private equityfirm, 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 thenew company.
Chubb said it expects the transaction to result in a pre-taxgain of approximately $200 million, of which $168 million would berecognized in the fourth quarter of 2005 and $32 million would bedeferred.
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