Dan Loeb's Third Point Re files for IPO of up to $250 mln
July 15 (Reuters) - Property and casualty reinsurer Third Point Re, controlled by billionaire hedge fund manager Dan Loeb, filed to raise up to $250 million in an initial public offering of its common stock.
J.P. 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 U.S Securities and Exchange Commission on Monday.
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."
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
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