Third Point Re Sets IPO Range

Aug 6 2013 | 10:13am ET

The size of Third Point Re's initial public offering continues to grow.

In an amended regulatory filing yesterday, the reinsurance arm of hedge fund Third Point said it would raise up to $370.6 million in the IPO, up from $345 million last month and $250 million when the deal was first announced.

Third Point Re's underwriters have set an offer range of $12.50 to $14.50 per share, with plans to sell 22.2 million shares. At the high end of the range, the IPO would value the company at more than $1.5 billion.

Third Point set up Bermuda-based Third Point Re 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

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of