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Third Point Reinsurance Shares Open Flat in Debut

HedgeWorld – Shares of Third Point Reinsurance Ltd. hovered around their offer price on the first day of trading, valuing the property and casualty reinsurer at about $1.27 billion.

About 3.4 million shares changed hands by 9:53 a.m. EDT, making the stock the most traded on the New York Stock Exchange.

Third Point Reinsurance, controlled by billionaire hedge fund manager Dan Loeb, raised $275.6 million after its initial public offering of 22.05 million shares was priced at $12.50 each.

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