AXIS Capital Completes IPO
NU Online News Service, July 2, 3:55 p.m. EDT? AXIS Capital Holdings, the Bermuda-based provider of specialty insurance and treaty reinsurance, has completed its initial public offering of 21.5 million common shares priced at $22 each.
After their debut yesterday, the new AXIS shares, which are listed on the New York Stock Exchange, were trading up from the original IPO price, at more than $25 per share.
The New York-based Morgan Stanley and Citigroup were the joint book-running managers for the offering. Co-managers for the offering included Farmington, Conn.-based Dowling & Partners Securities, as well as Credit Suisse First Boston, J.P. Morgan, Merrill Lynch & Co., and Fox-Pitt, Kelton, all based in New York.
AXIS Capital was founded in late 2001, in the aftermath of Sept. 11 terror events. The company's specialty coverage includes terrorism, aviation and marine war, and political risk. It also offers insurance for commercial property, aviation, marine, and onshore/offshore energy.
Last year, AXIS wrote $1.1 billion of gross premiums. It currently has an "A" rating by Standard & Poor's and by the A.M. Best Co.
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