Aurigen Capital Ltd., the reinsurer backed by billionaire George Soros, is seeking to raise about C$225 million ($206 million) in the biggest initial public offering in Canada this year, according to two people familiar with the transaction.
The Hamilton, Bermuda-based reinsurer aims to sell shares through an IPO in May, said the people, who asked not to be identified because the terms aren’t public. An offering of that size would be the largest since Cardinal Energy Ltd. raised C$225 million in December.
Aurigen raised C$505 million from investors in 2007 including Soros’ buyout fund, Soros Strategic Partners LP and EdgeStone Capital Partners Inc.
Aurigen makes up about 5 percent of the Canadian life reinsurance market and is looking to expand, the company said in an April 7 filing with Canadian regulators. Total revenue for the benefits provider was C$117.5 million for the year ended Dec. 31, 2013, it said.
Royal Bank of Canada, Canaccord Genuity Group Inc. and Toronto-Dominion Bank are leading the sale.