M&M Risk Capital To Sell 3.7M Shares Of AXIS
By Mark E. Ruquet
NU Online News Service, March 10, 4:00 p.m. EST?AXIS Capital Holdings Limited said that Marsh & McLennan Risk Capital Holdings, Ltd. will sell 3.7 million shares of common stock it holds in the Pembroke, Bermuda-based specialty insurer.[@@]
According to a sale prospectus, the sale would net M&M Risk Capital, a subsidiary of New York-based professional services company Marsh & McLennan Companies Inc., more than $103 million at $27.84 a share.
Merrill Lynch has agreed to purchase the shares from M&M Capital and plans to sell the shares to public investors.
The sale represents 50 percent of M&M Capital's holding of AXIS shares, AXIS said.
While the sale reduces M&M Risk Capital's holdings, MMC still retains interest in AXIS through other holdings, including MMC Capital. MMC Capital manages Trident II, which holds 13.7 million shares of common stock. MMC Capital holds 11,792 shares of common stock. Certain entities of Putnam, also a subsidiary of MMC, retain an interest in AXIS.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance.
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