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Third Point shares gain in initial trading

[August 16, 2013]  (AP) -- Third Point Reinsurance Ltd.'s shares gained in their initial hours of trading Thursday.

The reinsurer priced its initial public offering of nearly 22.1 million shares at $12.50 per share. Underwriters have the option to purchase up to 3.3 million additional shares to cover over-allotments.

Third Point's shares were priced at the low end of the anticipated range of $12.50 to $14.50. The stock added 54 cents, or 4.3 percent, to $13.04 in midday trading, after earlier changing hands as high as $13.37.

Third Point sold 21.5 million shares in the offering, while some of its stakeholders sold 528,794 shares. The Bermuda-based property and casualty reinsurance company is owned by activist investor Daniel Loeb, who is the CEO of Third Point LLC. The reinsurance company was incorporated in 2011.

The company anticipates net proceeds of approximately $252.2 million that it will use for general corporate purposes.

Third Point's shares are trading on the New York Stock Exchange under the ticker symbol "TPRE."

[Associated Press]

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