Friday, 1 July 2016
Last updated 1 hour ago
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.