Thursday, 25 December 2014
Last updated 1 day ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.