NEW YORK (Bloomberg) — Validus Holdings Ltd., the reinsurer started with the help of former Marsh & McLennan Cos. chief executive officer Jeffrey Greenberg, raised its expectation for the value of stock to be sold in an initial public offering.Validus and its shareholders plan to raise as much as $468 million, the company said in a regulatory filing on Friday. The reinsurer projected an upper range of $200 million in its initial registration statement with the US Securities and Exchange Commission in January. The shares could be sold later this month, the company said.

The company was formed in Bermuda in October 2005 among a wave of start-ups seeking to take advantage of soaring reinsurance prices after Hurricanes Katrina, Rita and Wilma struck the US. Reinsurance is coverage for insurance companies.

Three reinsurers have gone public on US exchanges this year. The most recent was Greenlight Capital Re Ltd., led by hedge fund manager David Einhorn, which had an IPO in May and raised $224 million; shares have climbed 17 percent.

Validus and its investors plan to sell as many as 18 million shares at a maximum of $26 each, according to today's filing. Goldman Sachs Group Inc. and Merrill Lynch & Co. are managing the offering. Shares will trade on the New York Stock Exchange under the ticker VR. Greenberg, who resigned from Marsh & McLennan in 2004 amid a lawsuit, is the managing principal of private-equity firm Aquiline Capital Partners LLC, Validus's initial investor, according to SEC filings. Validus is run by CEO Edward Noonan, who previously ran a unit of Munich Re, the world's second-largest reinsurer.