Canopius Group, a specialist reinsurance underwriting business, has announced that it has agreed on a price of the private sale of shares of Canopius Holdings in Bermuda.
Canopius, the parent company of Canopius Bermuda, has entered into definitive agreements to sell all of its shares in Canopius Bermuda to a number of institutional investors. Canopius will receive $216.69 million in gross proceeds from the sale of 14,025,737 shares, with such shares representing 100 percent of its ownership.
The gross purchase price per share was $15.45.
Barclays Capital and FBR Capital Markets & Co. served as lead placement agents on the private sale, and, Guggenheim Securities, LLC, Keefe Bruyette & Woods, Inc. and GC Securities served as co-placement agents.
The sale, which is subject to customary conditions, is expected to occur in conjunction with the previously announced merger between Tower Group and Canopius Bermuda.
