Paris Re Holdings has taken the first step towards an initial public offering of its shares by registering with the Autorit茅 des March茅s Financiers (AMF), the French stock market regulator.
The Company, which indicated its assets at $2.091 billion, said it is currently discussing listing shares on the “Eurolist Market” with Paris-based Euronext towards the end of this year, subject to obtaining the required approvals from the AMF.
The IPO will be strictly limited to France. No registration, sales or offers for sale will be made in jurisdictions where they are prohibited, unless the necessary filings and approvals have been given – notably the U.S., the U.K., Australia and Japan, as well as others.
Paris Re closed its acquisition of AXA’s reinsurance units, primarily AXA Re, late last year (See IJ web site Dec. 26, April 6 & 10, 2006).
Paris Re Holdings was established by a consortium of international investors led by Trident III, L.P., a fund managed by Stone Point Capital LLC.
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