Third Point Reinsurance Ltd. Announces Launch of Initial Public Offering

2013 / 08 / 05

HAMILTON, Bermuda, Aug. 5, 2013 /PRNewswire/ -- Third Point Reinsurance Ltd., today announced that it has commenced an initial public offering of 22,222,222 of its common shares pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the "SEC"). The company is offering 21,524,492 common shares and certain selling shareholders are offering 697,730 common shares. The company expects to grant the underwriters a 30-day option to purchase up to an aggregate of 3,333,333 additional common shares. The initial public offering price is currently expected to be between $12.50 and $14.50 per common share. The company intends to use the net proceeds of the offering for general corporate purposes, including the costs associated with being a public company. The Company has been approved to list the common shares on the New York Stock Exchange under the ticker symbol "TPRE."

The book-running managers for the offering are J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. Aon Benfield Securities, Inc., Dowling & Partners Securities LLC, Keefe, Bruyette & Woods, Inc., Macquarie Capital (USA) Inc. and Sandler O'Neill + Partners, L.P. are acting as co-managers for the offering.

Copies of the preliminary prospectus relating to the offering may be obtained from the prospectus departments of J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, (866) 803-9204; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, 1B, New York, NY 10010, by telephone at 800-221-1037 or by emailing newyork.prospectus@credit-suisse.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by calling (866) 718-1649 or by emailing prospectus@morganstanley.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.

Forward-Looking Statements

This press release includes "forward-looking statements," including with respect to the proposed initial public offering and the company's proposed use of proceeds. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About the Company

The Company's wholly owned subsidiary Third Point Reinsurance Company Ltd. ("Third Point Re") is a Bermuda property and casualty reinsurance company with an "A-" (Excellent) financial strength rating from A.M. Best Company, Inc. Third Point Re was incorporated in October 2011 and commenced underwriting business on January 1, 2012. 

Contacts

Third Point Reinsurance Ltd.
Rob Bredahl
Chief Financial Officer & Chief Operating Officer
investorrelations@thirdpointre.bm 
441-542-3333

SOURCE Third Point Reinsurance Ltd.