Montpelier Re Sub Blue Capital Re Files for IPO

Bermuda-based Montpelier Re Holdings Ltd. and its wholly owned subsidiary Blue Capital Reinsurance Holdings Ltd. have announced that Blue Capital Re “has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of the common shares of Blue Capital Reinsurance. The number of shares to be offered and the price for the proposed offering have not yet been determined.

Blue Capital Re is a “newly formed Bermuda reinsurance holding company seeking primarily to offer collateralized reinsurance in the property catastrophe market, by underwriting a diversified portfolio of short-tail reinsurance contracts and investing in insurance-linked securities,” the bulletin explained.

“A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. The registration statement had previously been submitted to the U.S. Securities and Exchange Commission on a confidential basis under the Jumpstart Our Business Startups Act of 2012,” said the announcement.

It also contained the following standard warning: “These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to purchase nor shall there be any sale of these securities in any state in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities law in any such state.”

Deutsche Bank Securities Inc. will act as book-running manager for the offering.

Source: Montpelier Re

Topics USA Reinsurance