April 14 (Reuters) - QBE Insurance Group Ltd QBE.AX :
* TO LIFT REGULATORY CAPITAL FROM 1.6X PCA CURRENTLY TO AROUND 1.9X
* LAUNCHES A FULLY UNDERWRITTEN US$750M INSTITUTIONAL PLACEMENT
* PREMIUM RATE MOMENTUM AND UNDERLYING PREMIUM GROWTH ACCELERATED DURING 1Q20
* LAUNCHES A NON-UNDERWRITTEN SHARE PURCHASE PLAN TO RAISE UP TO US$75M
* PLACEMENT WILL BE CONDUCTED AT A$8.25 PER NEW SHARE
* QTRLY GROSS WRITTEN PREMIUM US$4,533M
* PLACEMENT WILL RESULT IN ABOUT 145.5 MILLION NEW SHARES BEING ISSUED, OR ABOUT 11.1% OF ISSUED CAPITAL
* 1Q GROSS WRITTEN PREMIUM INCREASED BY MORE THAN 9% TO US$4,533M
* NONE OF GROUP'S RETAINED CREDIT IS TRADING DISTRESSED
* CURRENT PCA MULTIPLE INCLUDES ABOUT US$350M OF UNREALISED CREDIT SPREAD LOSSES THAT ARE EXPECTED TO UNWIND
* CAPITAL PLAN WILL POSITION QBE TO WITHSTAND A RANGE OF SEVERE ECONOMIC AND INVESTMENT MARKET DOWNSIDE SCENARIOS