British insurer Beazley said on Tuesday it planned to raise 385 million pounds ($457 million) by selling new shares in the business, equivalent to a 10% stake. “Beazley is seeking to raise equity to support organic growth and provide growth capital to fund attractive underwriting opportunities,” the London-listed company said.
Beazley said it would use the proceeds to target expansion in cyber and speciality businesses. The Lloyd’s of London insurer warned last week of estimated losses of $120 million from Hurricane Ian, which caused widespread damage across Florida, the Carolinas and Cuba in September.
The share placement will be conducted through an accelerated bookbuilding process, with JP Morgan and Numis acting as joint bookrunners, the company said. ($1 = 0.8430 pounds)
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