CastlePoint Bermuda Holdings raised $30 million last Thursday through an offering of subordinated debentures. The subordinated debentures have a stated maturity of 30 years, pay interest quarterly, and are redeemable at par on or after five years.

The interest rate is fixed at 8.39 percent for the first five years and the coupon rate will float quarterly thereafter at the three-month LIBOR interest rate plus 350 basis points.