Dan Loeb's Third Point Reinsurance sets terms for $300 million IPO
Third Point Reinsurance, a bermuda-based specialty property and casualty reinsurer, announced terms for its IPO on Monday. The Pembroke, Bermuda-based company plans to raise $300 million by offering 22.2 million shares (3% insider) at a price range of $12.50 to $14.50. At the midpoint of the proposed range, Third Point Reinsurance would command a fully diluted market value of $1.4 billion. Third Point Reinsurance, which was founded in 2011 and booked $397 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol TPRE. Third Point Reinsurance initially filed confidentially on May 14, 2013. J.P. Morgan, Credit Suisse, Morgan Stanley, BofA Merrill Lynch and Citi are the joint bookrunners on the deal.