advanced after the New York-based holding company for Sterling National Bank was upgraded by Keefe Bruyette to outperform from market-perform.
Shares of Sterling gained 98 cents, or 5.4%, to $19.03.
White Mountains Insurance Group
stumbled when the insurance company said its Folksamerica Reinsurance unit increased its gross loss estimates for hurricanes Katrina, Rita and Wilma by $203 million, net of reinstatement premiums.
Under the terms of Folksamerica's quota-share reinsurance treaty from 2005 with Olympus Reinsurance, $143 million of the loss is ceded to Olympus. Without other action, the move would exhaust the bulk of Olympus' capital. However, White Mountains is in advanced talks with Olympus and its two largest shareholders regarding an arrangement to reimburse the firm for up to $137 million of the ceded losses. Shares of White Mountains dropped $27.50, or 5.3%, to $489.
retreated after the Chattanooga, Tenn., insurance company said Robert Greving, its chief financial officer and actuary, is on an extended leave of absence recovering from surgery.
Joseph Zubretsky, senior executive vice president of finance, investments and corporate development, will assume the role of chief financial officer on an interim basis until Greving returns. Shares fell 17 cents, or 0.9%, to $18.16.
priced an offering of 5 million shares at $16.65 each. The underwriters have an option to purchase up to 750,000 additional shares to cover any overallotments.
Dollar plans to use the net proceeds to redeem up to $70 million of senior notes and to pay the associated fees and expenses. The remaining proceeds will be used to repay credit-line debt. Shares of the financial services company added 5 cents to $17.30.