Reuters: Dan Loeb’s Third Point Re Files for IPO of up to $250 mln

Property and casualty reinsurer Third Point Re, controlled by billionaire hedge fund manager Dan Loeb, filed to raise up to $250 million in an initial public offering of its common stock, Reuters reported.

(Reuters) – Property and casualty reinsurer Third Point Re, controlled by billionaire hedge fund manager Dan Loeb, filed to raise up to $250 million in an initial public offering of its common stock.

J.P. Morgan, Credit Suisse, Morgan Stanley, BofA Merrill Lynch and Citigroup were underwriting the IPO, Third Point Re said in a preliminary prospectus filed with the U.S Securities and Exchange Commission on Monday.

Third Point LLC, the $11.6 billion hedge fund run by Loeb, launched its reinsurer arm last year with $750 million in capital. The reinsurer is led by prominent industry executive John Berger, who was the former CEO of Alterra Capital Holding Ltd’s reinsurance business.

Reuters reported in May that Third Point had hired bankers for an initial public offering of its reinsurance business.

Net proceeds from the offering would be used to increase underwriting capacity, Bermuda-based Third Point Re said in the filing.

The company reported net earned premium of $96.5 million for 2012.

The filing did not reveal how many shares the company planned to sell or their expected price.

The company intends to list its common stock on the New York Stock Exchange under the symbol “TPRE.”

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Related Posts

Leave a Reply

PEHUB Community

Join the 12500 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget