Bermuda-based insurer AXIS Capital Holdings has revealed plans to sell up to $517.5m (£322.1m) in stock in an initial public offering (IPO), according to reports.
The Marsh-owned insurer did not say how many shares it plans to offer. The proceeds are to be used to bolster capital operations.
AXIS set up in Bermuda to take advantage of soaring premiums after the 11 September terrorist attacks.
AXIS joins other Bermuda insurers Endurance Specialty Holdings, Montpelier Re and Platinum Underwriters Holdings in launching IPOs during the past year.
It has taken gross premiums of $793.8m (£494.1m) for specialty lines of insurance, including terrorism, marine and aviation war risk, political risk, energy, commercial property and marine in 2002.
