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.
