ACE Launching IPO For Guaranty Business
NU Online News Service, Dec. 2, 10:52 a.m. EST?ACE Limited said it plans to launch an initial public offering of its financial guaranty business.
The Hamilton, Bermuda-based company said the new company would be comprised of ACE Guaranty Corp. and ACE Capital Re International Ltd.[@@]
The entity will file a registration statement with the U.S. Securities and Exchange Commission by year-end and complete the IPO in the first half of 2004, subject to market conditions and receipt of various regulatory approvals, ACE said.
The carrier said, in a statement, it expects to offer approximately 65 percent to 75 percent of its interest in the new company, adding that the amount it will receive in the IPO "will depend on market conditions and on other factors."
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