BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
GEORGETOWN, Grand Cayman--Greenlight Capital Re Ltd. raised approximately $258 million through the completion of an initial public offering and private placement, the specialty property/casualty reinsurer said Thursday.
Greenlight Re sold at $19 per share a total of 11,787,500 Class A ordinary shares, including 1,537,500 Class A ordinary shares exercised by underwriters of the offer pursuant to an overallotment option. Lehman Brothers Inc. and UBS Securities L.L.C. acted as joint book-running managers for the IPO.
Additionally, Greenlight Re announced the private sale of 2,631,579 shares at $19 per share to David Einhorn, chairman of the Greenlight Re's board of directors.
"Substantially all of the total net proceeds of approximately $258 million from the initial public offering and private placement will be used to increase the underwriting capacity of Greenlight Re's reinsurance operations," the company said in a statement.
Greenlight Re last week said it was seeking to raise $195 million in its IPO.
Greenlight Re is the first open-market reinsurer to be based in the Cayman Islands, launched in late 2005 by New York-based hedge fund Greenlight Capital Inc. with $220 million in capital (BI, Nov. 21, 2005).