AXIS Capital Holdings Ltd has announced that Marsh & McLennan (MMC) subsidiary Marsh & McLennan Risk Capital Holdings, Ltd., has agreed to sell 3.7m of AXIS Capital's common shares in a block trade.
Merrill Lynch has agreed to purchase the common shares from Marsh Risk Capital and subsequently sell the shares to public investors, the announcement said.
"The common shares were offered under AXIS Capital's Form S-3 shelf registration statement and represent approximately 50% of Marsh Risk Capital's current ownership of AXIS Capital's common shares,” a statement said.
Marsh Risk Capital will receive all net proceeds from the sale. After the completion of the sale, Marsh Risk Capital will retain approximately 3.7m common shares.