NATIONAL RE GOES FOR IPO IN PHILIPPINES

The Philippines’ only domestic reinsurer, National Reinsurance, has been given the green light by the Philippine stock exchange for its initial public offering (IPO). The flotation is expected to raise almost 3 billion peso with shares to be priced between 3.36 and 4.62 pesos each. The proposed date for the listing is April 27 with the trial offer price expected to be set on April 12 ^th . The reinsurer is mostly owned by three major institutional investors holding 24% each (Government Service Insurance Systems, Universal Malayan Reinsurance and the BPI Group), with smaller investors and other insurers and reinsurers accounting for the remaining 28% of the company.