| Ticker: TNA | Dallas Building, 7 Victoria Street | |
| Exchange: New York Stock Exchange | Hamilton, Foreign HM 11 | |
| Industry: Financial | 4412927731 |
| Type of Shares: | Class A Ordinary Shares | Filing Date: | 2/27/96 | |
| U.S. Shares: | 5,280,000 | Offer Date: | 4/16/96 | |
| Non-U.S. Shares: | 1,320,000 | Filing Range: | $17.00 - $19.00 | |
| Primary Shares: | 6,600,000 | Offer Price: | $17.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.06 | |
| Offering Amount: | $118,800,000 | Selling: | $0.64 | |
| Expenses: | $1,580,000 | Reallowance: | $0.10 | |
| Shares Out After: | 25,061,338 |
| Manager | Tier | Phone |
| Donaldson, Lufkin & Jenrette Securities Corp. | Lead Manager | (212) 504-4525 |
| J.P. Morgan Securities Inc. | Co-manager | (212) 648-9922 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Auditor: Coopers & Lybrand | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 12/31/95 | ||||
| Revenue: | $302.66 | Assets: | $1,817.92 | ||
| Net Income: | $39.55 | Liabilities: | $1,620.91 | ||
| EPS: | $2.69 | Equity: | $197.01 | ||
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company is a specialty property, casualty and marine insurance and reinsurance company operating on a worldwide basis through subsidiaries in the London company market and Lloyd's of London, in the Bermuda market. The company's principal lines of business consist of classes of (i) non-marine property coverage written largely on a reinsurance basis, (ii) non-marine casualty coverage written largely on a reinsurance basis, and (iii) marine coverage written on both a primary and reinsurance basis, accounting for approximately 46%, 18%, and 35%, respectively, of the company's 1995 gross premiums written. The company's London market is one of the world's largest insurance and reinsurance marketplaces and attracts business from clients throughout the world who seek flexible and innovative protection for a wide variety of risks. The company's Bermuda market, has become one of the world's largest insurance and reinsurance markets in which international business is written. |
| Use of Proceeds |
| The company anticipates to use the net proceeds of this offering in the following manner: 1) $70.0 million and $17.0 million is expected to be contributed to Terra Nova (Bermuda) and Terra Nova, respectively, to support their insurance operations, including increasing the capacity potentially available to the Octavian Syndicates from the company, and 2) $16.5 million is expected to be used to redeem a portion of the company's Non-Voting Preference Shares in connection with the Preference Share Conversion Transactions, with the balance retained for general corporate purposes. |
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