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CastlePoint files for IPO


HAMILTON, Bermuda--Bermuda company CastlePoint Holdings Ltd. has filed for an initial public offering with the U.S. Securities and Exchange Commission.

The IPO prospectus notice did not list the number of shares expected to be offered, nor the expected price of the common shares.

Net proceeds from the share offer will be used "to further capitalize CastlePoint Re, and for general corporate purposes," CastlePoint said in the filing.

New York-based Tower Group Inc. currently has an 11.6% ownership interest in CastlePoint, the filing states.

Friedman Billings Ramsey is listed as the underwriter of the offering.

CastlePoint--which focuses on traditional quota share reinsurance, insurance risk-sharing arrangements such as pooling and program business--was set up in late 2005 in the wake of a string of devastating storms. In March 2006, the company launched a reinsurance subsidiary, CastlePoint Re.