Alea Group, a Bermuda-based reinsurer, has raised £165m ($236m) in the first European initial public offering (IPO) from Kohlberg Kravis Roberts (KKR), the US buy-out firm.

Alea shares rose 6%, or 15p, above their issue price of 250p, valuing the company at £433m. Alea was priced at the bottom of the bookbuilding range, which was between 250p and 350p.