Loeb’s Third Point Reinsurer Advances After $276 Million IPO
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Third Point Reinsurance Ltd., which counts billionaire hedge-fund manager Daniel Loeb as a founding shareholder, advanced in its trading debut after raising $276 million in an initial public offering.
The shares climbed 4.5 percent to $13.06 at 4:15 p.m. in New York. The company and existing owners sold 22.1 million shares for $12.50 each, according to a statement yesterday. Earlier Third Point Re had offered 22.2 million shares for $12.50 to $14.50.