John Plimpton

Bermuda-registered Gemini Re Holdings Ltd. today filed an S-1 registration statement with the SEC as the first step towards a proposed $400 million IPO. It is intended at this stage that the offering, which is being handled by Merrill Lynch and Chase Securities, will be valued at $15 per share and that the shares will be listed on NASDAQ.

Former Bermuda Finance Minister Grant Gibbons has been appointed a founding director of a newly-formed holding company set up to raise $1 billion for a new reinsurer in Bermuda, we can disclose. The involvement of Gibbons, who is part of one of the most influential and wealthiest families in Bermuda, is a shot in the arm for the project, whose existence we revealed last month.