CII Financial Plans Public Stock Offering
CII Financial Inc., a Burbank provider of workers compensation insurance, said it plans to raise about $18 million with its first public stock offering.
In a filing with the Securities and Exchange Commission, the company said it anticipates issuing 1.5 million common shares for about $12 each. Proceeds from the offering would be used to increase its ability to write insurance, repay short-term debt and other purposes, the filing said.
CII began operating in March, 1988, and its main unit is California Indemnity Insurance Co. The stock offering is being managed by the investment firms Kidder Peabody & Co. and Bateman Eichler, Hill Richards Inc.
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