Loeb’s Third Point lifts offering size to $345 million
Third Point Reinsurance Ltd, which counts hedge-fund manager Daniel Loeb as a founding shareholder, increased to $345 million the amount it is targetting in an initial public offering, Bloomberg News reported yesterday
The figure, listed in a regulatory filing yesterday, compares with the $250 million disclosed by the Bermuda-based reinsurer earlier this month.
The property and casualty reinsurer, controlled by the billionaire hedge fund manager, filed to raise up to $250 million in an initial public offering of its common stock earlier this month.
JP Morgan, Credit Suisse, Morgan Stanley, BofA Merrill Lynch and Citigroup were underwriting the IPO, Third Point Re said in a preliminary prospectus filed with the US Securities and Exchange Commission.
Third Point LLC, the $11.6 billion hedge fund run by Loeb, launched its reinsurer arm last year with $750 million in capital. The reinsurer is led by prominent industry executive John Berger, who was the former CEO of Alterra Capital Holding Ltd's reinsurance business.
Reuters reported in May that Third Point had hired bankers for an initial public offering of its reinsurance business.
Net proceeds from the offering would be used to increase underwriting capacity, Bermuda-based Third Point Re said in the filing.
The company reported net earned premium of $96.5 million for 2012.
The filing did not reveal how many shares the company planned to sell or their expected price.
The company intends to list its common stock on the New York Stock Exchange under the symbol ‘TPRE’.