Reinsurer Greenlight plans IPO

GEORGETOWN, Grand Cayman--A third reinsurer, in less than a week, has announced plans to launch an initial public offering of its stock.

Cayman Islands-based Greenlight Capital Re Ltd. will raise up to $175 million to use as "additional capital for operating and for general corporate purposes," Greenlight said in its registration statement with the U.S. Securities and Exchange Commission.

Lehman Bros. and UBS Investment Bank are listed as the underwriters of the offering.

Greenlight, which specializes in structured property/casualty reinsurance on a global basis, was founded in November 2005 with the help of New York-based hedge fund Greenlight Capital Inc.

Other recently formed reinsurers that are planning IPOs include Bermuda-based firms Flagstone Reinsurance Holdings Ltd., Validus Reinsurance Ltd. and CastlePoint Holdings Ltd.