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 (
) 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
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.
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