A reinsurance company that has set up in Grand Cayman, Cayman Islands has raised $258 million through its initial public offering (IPO) and a simultaneous sale of private shares.

Greenlight Reinsurance's issuer credit rating of "a-" and financial strength rating of A- (excellent) have remained unchanged by AM Best following the IPO and private sale on May 30.

Through the IPO Greenlight Capital Re, issued 11,787,500 Class A Ordinary Shares and simultaneously issued 2,631,579 Class B Ordinary Shares for private sale priced at $19.00 per share. The company's management has said that all proceeds from the IPO and private sale will be used to increase underwriting capacity within the guidelines of the original business plan and its tenets.