Western United Completes $11-Million Convertible Stock Offer
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Newport Beach-based Western United Insurance Co. has completed an $11-million convertible stock offering to several institutional investors. Proceeds from the private capital infusion will be used to enhance Western United’s data processing capabilities and to expand its automobile underwriting activities. The company hopes to expand into Florida, Louisiana, Georgia, Nevada and Arizona, according to James F. Chapel Jr., Western United president and chief executive.
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