Everest covers big 3Q losses with $475m common stock sale
Everest Re Group, Ltd has announced that it has agreed to sell approximately $475m of its newly issued common shares to Goldman Sachs. Everest said that expects to use the proceeds from the sale of its common shares for working capital and general corporate purposes. Earlier the Bermudian reinsurer had unveiled hefty third quarter net loss estimates totaling $598m from Katrina, Rita and other more minor events.
Joseph V. Taranto, Everest's Chairman and Chief Executive Officer, commented, "The Company believes this transaction bolsters its already solid capital position and will enable the Company to fundOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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