| Ticker: IPCRF | ||
| Exchange: NASDAQ-National Market | Hamilton, Foreign | |
| Industry: Financial |
| Type of Shares: | Common Shares | Filing Date: | 1/5/96 | |
| U.S. Shares: | 10,817,391 | Offer Date: | 3/7/96 | |
| Non-U.S. Shares: | 2,704,348 | Filing Range: | $21.50 - $24.50 | |
| Primary Shares: | 0 | Offer Price: | $22.00 | |
| Secondary Shares: | 13,521,739 | Gross Spread: | $1.17 | |
| Offering Amount: | $310,999,997 | Selling: | $0.70 | |
| Expenses: | $1,500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 25,000,000 |
| Manager | Tier | Phone |
| Morgan Stanley & Co. Incorporated | Lead Manager | (212) 703-4797 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Auditor: Arthur Andersen | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 12/31/95 | ||||
| Revenue: | $127.37 | Assets: | $485.25 | ||
| Net Income: | $74.29 | Liabilities: | $50.96 | ||
| EPS: | $2.90 | Equity: | $434.29 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company through its subsidiary International Property Catastrophe Reinsurance Company, provides property catastrophe reinsurance/marine aviation and other reinsurance on a worldwide basis. During 1995, approximately 78% of premiums written covered property catastrophe risks. Property catastrophe reinsurance covers unpredictable events such as hurricanes, windstorms, hailstorms, earthquakes, volcanic eruptions, fires industrial explosions, freezes, riots, floods and other man-made or natural disasters. Substantially all reinsurance written by IPC Re has been and continues to be written on an excess-of loss basis for primary insurers rather than reinsurers and is subject to aggregate limits on exposure to losses. In response to severe imbalance between the global supply of and demand for property catastrophe reinsurance that developed in the period from 1989 through 1993, IPC commenced operations in July 1993 through the sponsorship of AIG, which purchased 24.4% of the initial share capital of the Company and the AIG Option. Since IPC's formation, affiliates of AIG have provided administrative, investment management and custodial services to IPC, and certain of IPC's officers are also officers of affiliates of AIG. |
| Use of Proceeds |
| The proceeds from the proposed offering will be distributed to selling shareholders. |
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