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Max Re to raise $100mn for US operation

Bermudian (re)insurer Max Re Capital Ltd is raising $100mn to repay short-term debt at its subsidiary Max USA Holdings Ltd.

The $100mn offer of senior notes due 2017 comes a week after the company concluded its previously announced acquisition of a Richmond, Virginia based excess and surplus lines insurer, which will trade as Max Specialty Insurance Company.

Headed by Stephen Vaccaro, formerly of Markel affiliate Essex Insurance Company, the company will operate across two divisions: brokerage and contract binding.

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