Third Point Re launches IPO
Bermuda-based reinsurer, Third Point Reinsurance, has commenced an initial public offering of 22.2 million of its common shares pursuant to a registration statement on Form S-1 filed with the US Securities and Exchange Commission (SEC).
Backed by Third Point hedge fund owner, Dan Loeb, the company is offering 21,524,492 common shares and certain selling shareholders are offering 697,730 common shares. The company expects to grant the underwriters a 30-day option to purchase up to an aggregate of 3.3 million additional common shares.The initial public offering price is currently expected to be between $12.50 and $14.50 per common share.
The company intends to use the net proceeds of the offering for general corporate purposes, including the costs associated with being a public company. The Company has been approved to list the common shares on the New York Stock Exchange under the ticker symbol “TPRE”.
The book-running managers for the offering are J.P. Morgan Securities, Credit Suisse Securities (USA), Morgan Stanley & Co., BofA Merrill Lynch and Citigroup Global Markets. Aon Benfield Securities, Dowling & Partners Securities, Keefe, Bruyette & Woods, Macquarie Capital (USA) and Sandler O'Neill + Partners are acting as co-managers for the offering.
