Loeb's Third Point Reinsurance Files for $250 Million IPO

Monday, 15 Jul 2013 05:08 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Third Point Reinsurance Ltd., which counts hedge fund manager Daniel Loeb as a founding shareholder, filed for a $250 million U.S. initial public offering as the company plans to increase sales.

JPMorgan Chase & Co., Credit Suisse Group AG and Morgan Stanley are leading the offering, according to a regulatory filing Monday from Bermuda-based Third Point Re. The offering amount is a placeholder used to calculate registration fees and may change.

Loeb, the founder of Third Point LLC, started the reinsurer in 2011 giving him access to additional investment funds. “Substantially all” of the reinsurer’s investment assets are managed by the hedge fund, according to Monday’s filing. Reinsurers take risks from primary carriers in exchange for a portion of their premium revenue and invest the money.

Funds from the offering will be used to increase “underwriting capacity in order to support the growth of our reinsurance premium writings,” the company said in the filing. “To the extent that this additional surplus is not immediately needed to pay claims or expenses, it will be invested consistent with past practice pursuant to the terms of our investment management agreement with Third Point LLC.”

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved