Simpson Thacher Represents Underwriters in $433 Million IPO of Security Capital Assurance Ltd
08.08.06
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Simpson Thacher represented the underwriters in connection with the initial public offering of common shares of Security Capital Assurance Ltd, which closed on August 4, 2006. The $433 million offering was the largest U.S. initial public offering from the insurance sector in more than two years. The company’s shares are now listed on the New York Stock Exchange under the symbol “SCA”.
Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as representatives of the underwriters.
Security Capital Assurance Ltd provides credit enhancement and protection products to the public finance and structured finance markets throughout the United States and internationally through the issuance of credit default swaps and financial guarantee insurance and reinsurance.
The Simpson Thacher team for this transaction included Lee Meyerson, Adam Smith, Ellen Rosenberg and Irina Petrova (Corporate); Jonathan Cantor and Shari Silverman (Tax); and Steve DeLott (Insurance).