Insurer Swiss Re will issue new shares of up to $350 million to investors following a substantial take-up of new shares offered to existing shareholders in its at-market rights offering.

Existing shareholders subscribed for 9.6 million shares, representing 50% of the new shares available, the Zurich-based group said. The overall target size for the two offerings is $1 billion.

The global offering comprises of public offerings in Switzerland, Germany, Ireland, Belgium, Luxembourg, the Netherlands, Spain and the UK, as well as private placements to institutional investors in certain other jurisdictions in compliance with applicable securities laws, including the US.

The offer price, which will be the same for the rights offering and the global offering, and the final offer size will be announced after completion of the bookbuilding, the group said. BNP Paribas, Credit Suisse and UBS Investment Bank are acting as joint bookrunning lead managers for the rights offering and the global offering.