NEW YORK (AP) — Shares of Blue Capital Reinsurance declined in its market debut on Wednesday.
The reinsurance holding company's stock dropped $1.25, or 6.3 percent, to $18.75 in afternoon trading while the broader markets rose.
Blue Capital Reinsurance Holdings Ltd. said that the initial public offering of about 6.3 million shares priced as expected at $20 apiece.
The company raised $126 million in the offering.
The underwriters have a 30-day option to buy an additional 937,500 shares from Blue Capital.
The Bermuda-based company is a unit of Montpelier Re Holdings Ltd. Concurrent with the IPO, Montpelier subsidiary Montpelier Reinsurance Ltd. will buy 2.5 million shares in a private placement at $20 each.
Blue Capital shares are listed on the New York Stock Exchange under the "BCRH" ticker symbol.