Saturday, 24 September 2016
Last updated 1 day ago
May 7 2013 | 11:14am ET
Third Point hopes to raise about $250 million in an initial public offering of its reinsurance arm.
The hedge fund's Third Point Re has hired Credit Suisse, JPMorgan Chase and Morgan Stanley to explore the IPO, which could come later this year, Reuters reports.
Third Point set up the reinsurer two years ago and has raised $750 million for the business, which is headed by industry veteran John Berger. Third Point founder Daniel Loeb and a pair of private equity firms are among the Bermuda-based reinsurer's primary investors.
Third Point Re invests its capital and premiums in Third Point's hedge funds. Last year, the firm launched a catastrophe reinsurance "side-pocket" vehicle with $50 million.