Financial Stocks Adding to Session Gains; Amtrust Reverses Early Declines From $250-Mln Senior Note Sale

By Staff,

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Financial stocks are higher with the NYSE Financial Sector Index rising 0.4% and the S&P Financial 100 Index gaining 0.5%.

In company news, Amtrust Financial Services ( AFSI ) has reversed course, with shares now trading about 1.1% higher at $43.70 each after earlier declines followed the insurance company selling $250 million of its 6.125% senior notes due 2023 to qualified institutional buyers.

The company estimates its net proceeds from the offering will total about $247.3 million after initial purchasers' discounts, underwriter commissions and other offering costs are deducted. It plans to use the new funds for general corporate purposes, including working capital and capital projects as well as possible strategic acquisitions.

AFSI slid as low as $43.03 in mid-morning trade before starting an extended rally that lifted shares as high as $43.78 in increasingly choppy trade this afternoon.

In other sector news,

(+) AWH, Property and insurance insurer today acquires a 21.2% stake in Gravity Underwriting Ltd. in London. Specific terms of the transaction was not immediately disclosed.

(-) NICK, Declares cash dividend of $0.12 per share, payable Sept. 27 to shareholders of record on Sept. 20.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: AFSI

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