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-Blue Capital Reinsurance prices 6.25m IPO.

BANKING AND CREDIT NEWS-November 7, 2013--Blue Capital Reinsurance prices 6.25m IPO(C)2013 M2 COMMUNICATIONS

7 November 2013 -- Bermuda-based Montpelier Re Holdings Ltd and its Blue Capital Reinsurance Holdings Ltd (NYSE: BCRH) subsidiary said they have priced Blue Capital Reinsurance's initial public offering of 6.25m common shares at a price of USD 20.00 per share.

The underwriters have a 30-day option to purchase another 937,500 common shares from Blue Capital Reinsurance at the public offering price, less the underwriting discount.

Concurrently with the completion of the initial public offering of Blue Capital Reinsurance, Montpelier Reinsurance Ltd., a wholly owned subsidiary of Montpelier, will purchase 2.5m common shares at a price of USD 20.00 per share in a private placement.

The common shares of Blue Capital Reinsurance began trading on the New York Stock Exchange on November 6.

Deutsche Bank Securities (NYSE: DB), Barclays Capital (LSE: BCS), Keefe, Bruyette & Woods (NYSE: SF) Raymond James & Associates, UBS Securities (NYSE: UBS) and RBC Capital Markets acted as joint bookrunners.

Blue Capital Reinsurance Holdings is a newly formed Bermuda reinsurance holding company seeking primarily to offer collateralised reinsurance in the property catastrophe market, by underwriting a diversified portfolio of short-tail reinsurance contracts and investing in insurance-linked securities.

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1 USD = 0.6229 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Nov 7, 2013
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