Third Point Reinsurer Increases IPO Target

Jul 31 2013 | 9:29am ET

Dan Loeb's plan to take Third Point's reinsurance business public is going even better than expected.

Third Point Re said it will raise up to US$345 million in an initial public offering. When the plan was announced earlier this year, the Bermuda company was seeking only US$250 million.

The more ambitious target was laid out in an updated filing with the U.S. Securities and Exchange Commission this week. It is unclear when exactly Third Point Re will float, but the IPO will likely come later this year.

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. Loeb and a pair of private equity firms are among the reinsurer's primary investors. Proceeds from the IPO will allow the company to increase its underwriting capacity.

Third Point Re invests its capital and premiums in Third Point's hedge funds.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...