Third Point Re Prices Initial Public Offering

August 15, 2013

Bermuda-based Third Point Reinsurance Ltd. has priced its initial public offering of 22,053,286 common shares at $12.50 per share.

The shares are expected to begin trading today [Aug 15] on the New York Stock Exchange under the ticker symbol “TPRE.” Of the 22,053,286 common shares being offered, 21,524,492 common shares are being offered by Third Point Reinsurance Ltd. and 528,794 are being offered by certain selling shareholders.

The underwriters may purchase up to 3,307,992 additional shares from Third Point Reinsurance Ltd. at the initial offering price, less underwriting discounts and commissions, to cover over-allotments, if any. The company expects to receive proceeds, net of underwriting discounts and commissions, of approximately $252.2 million from the offering.

The company intends to use the proceeds it will receive from this offering for general corporate purposes. Third Point Reinsurance Ltd. will not receive any proceeds from the sale of shares by the selling shareholders. Closing of the offering is expected to occur on August 20, 2013, subject to customary closing conditions.

The book-running managers for the offering are J.P. Morgan Securities LLC, Credit Suisse Securities [USA] LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. Aon Benfield Securities, Inc., Dowling & Partners Securities LLC, Keefe, Bruyette & Woods, Inc., Macquarie Capital [USA] Inc. and Sandler O’Neill + Partners, L.P. are acting as co-managers for the offering.

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