Reinsurer Px Re is to make a public share offering of 2.2 million of its common shares.
Of the total, 1.06 million shares will be offered by Px Re with an additional 1.13 million shares offered by Phoenix Life Insurance Company, one of PXRE's common shareholders.
Px Re said it expected to use the money for "general corporate purposes", including boosting growth at its Bermuda subsidiary.
Px Re was recently named as one of ten reinsurers that will have their claims payment records checked by the Lloyd's franchise board.
Px Re specialises in property catastrophe and retrocessional coverage. Earlier this year, Px Re reported gross written premiums had increased by 59% in the second quarter of this year.