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IPO Filing: Third Point Reinsurance, Tied to Dan Loeb

Third Point Reinsurance Ltd. has submitted its paperwork with the Securities & Exchange Commission in order to come public via an initial public offering (IPO). The reinsurance outfit’s IPO terms are not included, but the initial proceeds are for up to $250 million in its common stock. Third Point plans to trade on the New York Stock Exchange under the TPRE stock ticker. This Bermuda-based property and casualty reinsurance firm is tied to Dan Loeb.

Due to the size of the underwriting group, we are only listing these firms in order as they appear on the tombstone rather than by the book-runner and co-manager status: J.P. Morgan, Credit Suisse, Morgan Stanley, BofA Merrill Lynch, Citigroup, Aon Benfield Securities, Dowling & Partners Securities, Keefe Bruyette & Woods, Stifel Company, Macquarie Capital, and Sandler O’Neill.

Third Point LLC, under Dan Loeb, manages all of the firms assets. Third Point LLC manages $13.5 billion in assets as of May 31, 2013. For the year ended December 31, 2012, the company generated net income of $99.4 million for a return on beginning shareholders’ equity attributable to shareholders of 13.0%. Gross premiums written in 2012 totaled $190.4 million and earned premiums totaled $96.5 million.

FULL IPO FILING

We have snipped out a copy of percentage of ownership before the initial public offering from the SEC filing, as seen below:

Third Point IPO Ownership

 

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