Pillsbury Winthrop this month represented QBE Insurance Group in a US$220 ($286) million Rule 144A offering of ABC Custodial Receipts representing ABC Securities due 2009 of Mantis Reef II Custody Arrangement. The initial purchasers for the transaction were Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. The funding arrangements under this transaction will be used to contribute towards QBE’s funds at Lloyd’s requirements for 2005. QBE is an Australian-based general insurance and reinsurance group that underwrites commercial and personal lines in countries around the world.