Reinsurer eyes New York Stock Exchange

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Third Point Reinsurance has started to prepare to float on the New York Stock Exchange.

The reinsurer plans to raise up to $250m from the flotation. The firm will mainly use the money to expand its reinsurance business and benefit selling shareholders.

The Bermuda-based property and casualty reinsurer was incorporated in 2011. It is owned by investor and billionaire Daniel Loeb, the chief executive.

Third Point has not specified the number of shares of price range for the flotation, but did say that it will trade under the symbol TPRE.