Co-operators General Insurance Completes $100M Bought Deal Offering

On June 12, 2007, Co-operators General Insurance Company, the leading Canadian-owned multi-product property and casualty insurance company, completed a public offering of $100 million of Non-Cumulative Redeemable Class E Preference Shares, Series C on a bought deal basis. The offering was underwritten by a syndicate of underwriters led by Scotia Capital Inc. including RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Dundee Securities Corporation and HSBC Securities (Canada) Inc.

Co-operators General plans to use the net proceeds of approximately $97 million for general corporate purposes including to satisfy the payment of the redemption price for the company's Class E Preference Shares, Series A.

Co-operators General was represented in-house by Frank Lowery and Andrew Carlyle and Borden Ladner Gervais LLP with a team that included Philippe Tardif, Donna Spagnolo, Ruth Liu, Robert Hutchison and Larissa Tkachenko.

The underwriters were represented by Stikeman Elliott LLP with a team that included Darin Renton and Stephen Johnson (corporate/securities); Stuart Carruthers (insurance); and Trevor McGowan (tax).