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CastlePoint launches IPO

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HAMILTON, Bermuda--CastlePoint Holdings Ltd. said Friday that its initial public offering of about 7.7 million shares was priced at $14.50 per share, which would generate gross proceeds of $111.4 million.

The reinsurer said 7.6 million shares were being sold by CastlePoint and 119,500 shares by existing shareholders. CastlePoint has also granted underwriters the option to purchase up to 1.1 million additional shares to cover any over allotments.

CastlePoint common shares began trading on the NASDAQ on Friday.