Third Point Reinsurance Ltd. said Monday that it has filed paperwork for a potential initial public offering of its shares.
The Bermuda-based property and casualty reinsurance company is owned by activist investor and billionaire Daniel Loeb, who is CEO of Third Point LLC. The reinsurance company was incorporated in 2011.
The company said it hoped to raise up to $250 million in the IPO, but that figure often changes as investment bankers get a better idea of the demand for the stock.
Third Point said in a filing with the U. S. Securities and Exchange Commission that it plans to use net proceeds from the offering to raise capital to support the growth of its reinsurance business and benefit selling shareholders. Other proceeds will be for general corporate purposes, including the costs associated with being a public company. The company will not receive any proceeds from the sale of shares by the selling shareholders.
Third Point has not yet determined the number of shares or price range for the offering. It said that it will apply to trade its shares on the New York Stock Exchange under the symbol "TPRE".
The company generated net income of $99.4 million in 2012, according to the filing.