Reinsurer could net $276.3m

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Third Point Re has priced its initial public offering (IPO) at $12.50 a share, at the lower end of the anticipated pricing range.

The size of the offering was cut from 22.2 million shares to about 22.1 million, which would net the reinsurance arm about $276.2m, according to the New York Times.

Third Point Re said it wanted to use the IPO cash for general business and to improve its underwriting and investment abilities.

The IPO is being led by Credit Suisse, Morgan Stanley and JPMorgan Chase.