Third Point Reinsurance Ltd.'s shares are gaining 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 for over-allotments.
Third Point's shares were priced at the low end of the anticipated range of $12.50 to $14.50. The stock is up 57 cents, or 4.4 percent, to $13.05 in midday trading.
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.
Third Point's shares are trading on the New York Stock Exchange under the ticker symbol "TPRE."