Bermuda-based Quanta Capital Holdings Ltd., which provides specialty insurance, specialty reinsurance, and risk assessment and consulting services through its subsidiaries, announced that the underwriters of its recent 10.25 percent series ‘A’ preferred share offering have exercised their over-allotment option and have purchased an additional 130,525 shares at the offering price of $25.00 per share, to solely cover over-allotments.
Quanta’s bulletin notes: “The 10.25 percent series ‘A’ preferred shares carry a liquidation preference of $25.00 per share. Including the over-allotment, a total of 3,130,525 10.25 percent series ‘A’ preferred shares were sold in the offering.
“Taken together with the company’s recent public offering of common shares, the company realized total net proceeds from both offerings of approximately $134.6 million. These proceeds increase the Company’s available rated capital and will be used for general corporate purposes.
“Friedman, Billings, Ramsey & Co., Inc. served as sole book-running lead manager and BB&T Capital Markets served as co-manager for the 10.25 percent series ‘A’ preferred shares offering, as well as the common shares offering.”
Topics Underwriting
Was this article valuable?
Here are more articles you may enjoy.
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
Experian Launches Insurance Marketplace App on ChatGPT 
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
