Hedge Funds

Einhorn's Greenlight Re files for IPO


Greenlight Capital Re, the Cayman Islands specialty property and casualty reinsurer bankrolled by David Einhorn's $4 billion Greenlight Capital, has filed to go public.

The move, on January 16, seeks to raise $175 million and had been expected by industry insiders in Bermuda, the home to many offshore reinsurers (see "Reinsurance Redux," Absolute Return, December 2006).

Greenlight Re's IPO follows in the footsteps of several recently formed Bermuda-based reinsurers, including Flagstone Reinsurance Holdings and CastlePoint Holdings, which both filed to go public last year. Validus Holdings filed for a $200 million IPO on the same day as Greenlight