Third Point Re, the Bermuda-based reinsurance company backed by Dan Loeb’s hedge fund firm Third Point, made its debut on the New York Stock Exchange Thursday.
Forbes reported that Third Point Re, which is 8.5% controlled by Loeb, raised $276 million for its initial public offering. The amount is priced at the low end of its expected range, as the firm initially sought to raise as much as $322.2 million for the IPO.
The underwriting proceeds from Third Point Re will be invested in Loeb through a separately managed account.
Loeb most recently made headlines when he pushed for Sony to break off its entertainment unit, which was met by harsh criticism from actor George Clooney.
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.