Bermuda-based hedge fund-backed reinsurance company Third Point Re is seeking as much as $322.2 million in an initial public offering.
Bloomberg reported that the reinsurer, which is mostly controlled by Dan Loeb’s New York-based Third Point, is selling 21.5 million shares for $12.50 to $14.50 per share.
According to an eVestment article from last month, Third Point Re filed to raised $250 million for the IPO.
JPMorgan Chase, Credit Suisse Group AG, Morgan Stanley, Bank of America and Citigroup are some of the banks managing the sale.
Launched last year with $750 million in capital, Third Point Re is run by John Berger, the former CEO of Alterra Capital Holding’s reinsurance company. New York-based Third Point Capital has about $11.6 billion in assets.