Bermuda-based hedge fund backed reinsurer, Third Point Re is reportedly poised for an initial public offering, according to three sources cited by Reuters.Third Point, the $11.6 billion hedge fund run by billionaire Dan Loeb, is apparently working with JPMorgan Chase & Co, Credit Suisse Group AG and Morgan Stanley on a public float that could raise around $250 million later this year, the sources said. The banks declined to comment to Reuters on the claims and Third Point could not be reached for comment.Third Point launched its reinsurer arm last year with $750 million in capital. The company is led by prominent insurance industry executive John Berger, who was the former CEO of Alterra Capital Holding Ltd's reinsurance business. It’s backed by Third Point LLC hedge fund, institutional investors and contributions from partners such as insurer Hiscox.Besides Mr Loeb, other hedge fund managers have also made plays in the reinsurance space as a way to capitalise on rising rates after natural disaster losses and to provide their funds with another source of investment capital.David Einhorn's Greenlight Capital set up Greenlight Capital Re Ltd in the Cayman Islands in 2004, and went public in 2007, raising $258 million in its IPO. Steven Cohen's SAC Capital Advisors created SAC Re, a Bermuda-based reinsurer arm last year.