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HAMILTON, Bermuda--Property catastrophe reinsurer Flagstone Reinsurance Holdings Ltd. expects to raise about $159.2 million with its initial public offering of 13 million shares, the company said in a Securities and Exchange Commission filing Monday.
The reinsurer said in its filing that it expects the stock to sell for between $12.50 and $14.50 per share, or $162.5 million to $188.5 million. The estimated net proceeds assume a $13.50-per-share public offering price and reflect underwriting discounts, commissions and other expenses. The estimate also assumes underwriters exercise a 1.2 million-share overallotment option, according to the IPO. The net proceeds will be used to increase the underwriting capacity of Flagstone's reinsurance operations.
Flagstone Re, which began operations in December 2005, writes primarily property catastrophe business on an excess-of-loss basis through its subsidiaries. It was formed by Haverford (Bermuda) Ltd., an affiliate of Bermuda-based hedge fund management company West End Capital.
The reinsurer reported $152.3 million in net income for 2006. It posted $282.5 million in net premiums written and a 47.6% combined ratio.