Montpelier Re Holdings IPO Raises $190 Million

Montpelier Re Holdings successfully completed an initial public offering of 9.52 million of its shares priced between $20 and $22. The new Bermuda-based reinsurer raised around $190 million.

The company was established after sept. 11 by White Mountains Insurance Group, in conjunction with global reinsurance broker Benfield Grieg Group and Credit Suisse First Boston.

It specializes in facultative coverage for commercial property and property catastrophe reinsurance, and also writes marine, aviation, casualty, and personal accident risks. Jack Byrne, who heads White Mountains OneBeacon insurance division, also serves as Montpelier’s chairman.