NEW YORK (Dow Jones/AP) - Platinum Underwriters Holdings Ltd. will price its initial public offering a day later than expected, though underwriters have disclosed that the deal will price at the low end of expectations.

Bermuda-based Platinum, which is forming a reinsurance company, will price its IPO of 40 million shares at $23 a share. That is at the bottom of price talk of $23 to $26 a share. Goldman Sachs Group Inc. is leading the IPO.

Platinum was formed out of the reinsurance business of St. Paul Cos., which St. Paul was separating from its core insurance operations. St. Paul will own 15.3 percent of the company after the IPO. Net premiums from that St. Paul business rose to $415 million in the first quarter from $341 million a year earlier. Platinum plans to begin initial trading on the New York Stock Exchange today under the symbol PTP.