Specialty insurer Beazley has announced that it aims to raise £385 million (approx. $456.5 million) by selling new shares in the business, equivalent to a 10% stake.
The insurer said it will raise funds to expand its cyber and specialty businesses. It will conduct the share placement through an accelerated book-building process, with JP Morgan and Numis as the joint bookrunners, according to Reuters.
“Beazley is seeking to raise equity to support organic growth and provide growth capital to fund attractive underwriting opportunities,” the insurer said, as reported by Reuters.
The announcement follows the release