Third Point Reinsurance Ltd., which counts hedge-fund manager Daniel Loeb as a founding shareholder, said it plans to raise as much as $322.2 million in an initial public offering.
The company, almost all of whose assets are managed by Loeb’s hedge fund Third Point LLC, is selling 21.5 million shares for $12.50 to $14.50 apiece, according to documents filed with the Securities & Exchange Commission today. Third Point Re’s shareholders are offering a further 697,730 shares.
The stock sale is set to give the reinsurer a market value of about $1.4 billion if the shares are sold at the middle of the price range used to canvass investor interest in the IPO.
JPMorgan Chase & Co., Credit Suisse Group AG, Morgan Stanley, Bank of America Corp. and Citigroup Inc. are among the banks managing the sale, according to the filing. They have an option to purchase a further 3.3 million shares if they exercise the overallotment option in full.
Third Point Re, which is based in Bermuda, had net income of $26.2 million in the second quarter, compared with a loss of $31.1 million in the year-earlier period, according to today’s filing.