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Third Point Reinsurance Targets $322.2M IPO

Aug 05, 2013
Jing Chen

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.

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