LONDON (Bloomberg) — Long Bay Re Ltd., a Bermuda-based reinsurance company, plans to raise $150 million in an initial public offering on London's Alternative Investment Market, according to three people familiar with the transaction. The company plans to sell new shares to the public at the end of May, said one of the people, who declined to be identified because the talks are private.

Deutsche Bank AG and Macquarie Capital (Europe) Ltd. are managing the sale, the people said.

A London-based spokesman at Long Bay declined to comment.