capitalised property catastrophe entity which began doing business in Bermuda last November, is to carry out an initial public offering of 9.5 million shares.

The company will sell 7.6 million shares in the United States and 1.9 million shares overseas, according to a registration statement filed with the US Securities and Exchange Commission.

The offering will be carried out through J.P. Morgan Securities, Donaldson, Lufkin & Jenrette and Merrill Lynch.

Proceeds from the sale will be used to support future growth and to increase underwriting capacity, according to the registration statement.

The company estimated in the filing that the shares would sell at a maximum price of $24.50 each, although the price and size are subject to change.

Mid Ocean Re's net premiums written in its first five months of business to March 31, 1993, came to $156.9 million.

After the sale, the company will have about 32 million shares outstanding. Mid Ocean Re is seeking to join a growing list of Bermuda-based insurance firms which are listed on the New York Stock Exchange, including Mutual Risk Management, ACE, and EXEL.