its secondary public offering of 4,750,000 ordinary shares at $22 per share.

The shares are being sold by shareholders who were part of the company's original investors. GCR is the parent to Global Capital Reinsurance Ltd., which provides cat and other reinsurance to reinsurers and insurers on a worldwide basis.

A million of the shares are being repurchased by a GCR subsidiary, in order to further the company's objectives of efficient capital management and enhanced return on shareholders' equity.

GCR will have some 24.7 million shares outstanding after the offering and repurchase. The sellers have granted the underwriters a 30-day option to purchase an additional 712,500 shares to cover over-allotments.