Bermudian reinsurer Montpelier Re has closed its initial public offering (IPO) of shares.

The IPO raised over £128.6m in net proceeds after 10m shares were issued during trading on the New York Stock Exchange.

The IPO included the exercise of the underwriters' over-allotment option for the maximum of 1,428,600 common shares, raising approximately £129m in net proceeds.

The Bermuda-based reinsurer now has a total market capitalization of over £1bn. In December 2001, Montpelier Re commenced operations with approximately £643m of capital.

The common shares were offered by an underwriting group joint-managed by Morgan Stanley, Banc of America Securities and Credit Suisse First Boston and co-managed by JPMorgan.

Topics