Infinity Property and Casualty, the US car insurance firm, finally priced its initial public offering at the bottom of its indicative range to raise $198m (€184m), a third less than it had initially planned.

Credit Suisse First Boston and Merrill Lynch were lead managers of the deal, with Banc of America Securities and Bear Stearns as co-managers. The firm sold 12.4 million shares priced at $16 each, at the lower end of its indicative range of $16 to $17.