Class of 2011 reinsurer to raise about $250m from IPO

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Bermuda reinsurer Third Point Re is understood to be ready to launch an initial public offering (IPO).

The Class of 2011 reinsurer, backed by $11.6bn hedge fund Third Point, is working with Morgan Stanley, Crédit Suisse and JP Morgan Chase on an offering that could raise about $250m later this year.

After raising more than $750m in capital at the end of 2011, the reinsurer received an A- rating from AM Best.