Finance History | 11 Wall Street — Twenty-Two Dollars for Eighty Million Fortis Shares Called AIZ
· 2004-2
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Finance History | 11 Wall Street — Twenty-Two Dollars for Eighty Million Fortis Shares Called AIZ
kevin
People treat Assurant as a New York specialty insurer that always printed AIZ on a mature Big Board book.
The first public print was a Fortis subsidiary sold out of a Dutch-Belgian parent.
Assurant's investor FAQ records that the shares priced at 22.00 dollars and began trading on 5 February 2004.
MarketWatch the same afternoon recorded an offering of 80 million shares that generated 1.76 billion dollars in 2004 currency, priced at the top of a 20-to-22 dollar range.
The stock opened at 23.75 dollars and closed at 24.70 dollars on volume of 27.6 million, among the more active New York names that session.
Insurance Journal recorded that Fortis Insurance N.V. was the seller, that Assurant itself received none of the cash, and that underwriters later took a 12 million share option at the same 22-dollar print, lifting total proceeds above 2 billion dollars in 2004 currency.
Fortis kept an approximate 35 percent stake and two of five board seats after the sale.
The New York listing used the letters AIZ. The issuer had been Fortis, Inc. and took the Assurant name as the offering closed.
The mechanism is a parent monetizing a U.S. specialty-insurance book while leaving the operating company with no IPO proceeds.
A 22-dollar offer that closes at 24.70 dollars is a sold-down subsidiary, not a company raising surplus for its own account.
The pin is the Broad Street facade of the Exchange, where AIZ opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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