NEW YORK (AP) -- Third Point Reinsurance and some of its shareholders will sell 22.2 million shares in an initial public offering that could raise up to $322.2 million.
The Bermuda property and casualty reinsurance company is owned by activist investor Daniel Loeb, who is the CEO of Third Point LLC. The reinsurance company was incorporated in 2011.
Third Point will sell 21.5 million shares, while some of its stakeholders plan to sell 697,730 shares. The shares will be sold for between $12.50 and $14.50 each. At the midpoint of that range, the offering would raise $300 million.
Third Point Reinsurance Ltd. also plans to grant the offering's underwriters a 30-day option to buy up to an additional 3.3 million shares, which could raise up to an additional $51.7 million.
The shares will be listed on the New York Stock Exchange under the ticker symbol "TPRE."
The offering's underwriters include J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc.