United National Files For IPO
NU Online News Service, Sept. 18, 4:18 p.m. EDT?Surplus lines insurer United National Group, Ltd. announced yesterday that it plans an initial public offering and will use the proceeds from the offering to redeem its preferred shares.
Last week 80 percent of United National was acquired by Fox Paine & Co., the San Francisco investment fund management company for $240 million. A 20 percent interest was retained by the former owners of United National.
United National, which is registered in the Cayman Islands, is based in Bala Cynwyd, Pa. The firm said in addition to redeeming the stock, some proceeds from the sale will be used for general corporate purposes including capitalization and expansion of its recently formed Barbados insurance operation.
United National's offering will be made on the Nasdaq National Market under the symbol "UNGL."
Merrill Lynch & Co. is acting as manager for the transaction. Banc of America Securities LLC and Dowling & Partners Securities, LLC are acting as co-managers.
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