Third Point Reinsurance Ltd. Prices Initial Public Offering of Common Shares

2013 / 08 / 14

HAMILTON, Bermuda, Aug. 14, 2013 /PRNewswire/ -- Third Point Reinsurance Ltd. today announced that it had priced its initial public offering of 22,053,286 common shares at $12.50 per share.  The shares are expected to begin trading tomorrow, August 15th, on the New York Stock Exchange under the ticker symbol "TPRE." Of the 22,053,286 common shares being offered, 21,524,492 common shares are being offered by Third Point Reinsurance Ltd. and 528,794 are being offered by certain selling shareholders. The underwriters may purchase up to 3,307,992 additional shares from Third Point Reinsurance Ltd. at the initial offering price, less underwriting discounts and commissions, to cover over-allotments, if any. The company expects to receive proceeds, net of underwriting discounts and commissions, of approximately $252.2 million from the offering.  The company intends to use the proceeds it will receive from this offering for general corporate purposes.  Third Point Reinsurance Ltd. will not receive any proceeds from the sale of shares by the selling shareholders. Closing of the offering is expected to occur on August 20, 2013, subject to customary closing conditions.

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.

A registration statement relating to these securities has been filed with and declared effective on August 14, 2013 by the Securities and Exchange Commission.  The offering of these securities is being made only by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus related to the offering will be filed with the Securities and Exchange Commission, which may be obtained, when available, 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; 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

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 securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. 

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. 


Third Point Reinsurance Ltd.
Rob Bredahl
Chief Financial Officer & Chief Operating Officer

SOURCE Third Point Reinsurance Ltd.