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Third Point Re

Third Point Re adjusts investment strategy to help bolster underwriting focus

29th May 2019

Hedge fund-backed reinsurer Third Point Re has entered into an Amended and Restated Collateral Assets Investment Management Agreement that will help fund a realignment of its investment strategy, one influenced by an increasing shift towards catastrophe underwriting. The company initially reallocated $350 million and expects to reallocate additional amounts to fixed income ... Read the full article

Property cat business expected to drive underwriting profit at Third Point Re

17th May 2019

As hedge fund-backed reinsurer Third Point Re continues to build and evolve its underwriting platform, which now includes property catastrophe reinsurance business, it expects to achieve underwriting profitability within the next year or so, according to Dan Malloy, Third Point Re's Chief Executive Officer (CEO). The hedge fund-backed reinsurer adopts an ... Read the full article

A.M. Best revises Third Point Re outlook to negative

17th May 2019

International financial services ratings agency, A.M. Best has revised the rating outlooks to negative from stable of Third Point Reinsurance Ltd. and its subsidiaries, in light of the firm's inability to produce an underwriting profit. At the same time, A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and ... Read the full article

Investment return more than offsets underwriting loss for Third Point Re in Q1

10th May 2019

Hedge fund style reinsurer Third Point Re has announced record net income of $132.9 million for the first-quarter of 2019, a significant improvement on the $26 million net loss reported for the same period in 2018. The improvement was driven by an investment gain of $155 million for the quarter, which ... Read the full article

Bredahl resigns from Third Point Re as Malloy named CEO

10th May 2019

Third Point Reinsurance Ltd., the Bermuda-based, hedge fund backed reinsurer, has announced that Daniel Malloy is to take over the role of Chief Executive Officer (CEO) from Robert Bredahl, whose resignation has been accepted by the Board of Directors. Malloy, who currently leads the company’s main operating subsidiary, Third Point Reinsurance Company ... Read the full article

Third Point Re adds Afford, Lopes to Specialty Treaty division

11th April 2019

Bermuda-based, hedge fund backed reinsurer Third Point Re has appointed Rachael Afford and Melanie Lopes to its Specialty Treaty division as Vice President and Underwriter respectively. Both Afford and Lopes will report Tracey Gibbons, who was this week added as Head of Specialty Reinsurance. Afford brings with her over 14 years ... Read the full article

Tracey Gibbons to lead Third Point Re’s specialty treaty portfolio

9th April 2019

Tracey Gibbons has joined Third Point Reinsurance Ltd. from Allied World Assurance Company (AWAC) to lead the firm's specialty treaty portfolio. In her new role, Gibbons will report to Third Point Reinsurance Company's Chief Executive Officer (CEO), Dan Malloy. Initially, the portfolio will include workers compensation catastrophe, PA/Life catastrophe, and also ... Read the full article

Poor investment result, modest cat losses drive significant 2018 loss for Third Point Re

28th February 2019

Bermuda-based, hedge fund backed reinsurer Third Point Re has reported a net loss for both the fourth-quarter and full-year 2018, driven by a poor investment performance and modest catastrophe losses. For Q4, Third Point Re recorded a net loss of $298 million, driven by a $278 million net investment loss and ... Read the full article

The struggle continues for hedge fund reinsurers

3rd January 2019

Hedge fund backed reinsurers Greenlight Capital Re and Third Point Re both reported negative investment returns in the final month of 2018, contributing to negative returns for the full-year and once again bringing the efficacy of this business model into question. Greenlight Re recorded its steepest monthly decline of the year ... Read the full article

Third Point Re targets higher risk business, but investments remain focus

12th November 2018

Hedge fund-backed reinsurer Third Point Re maintains that investment returns will remain the key driver of its financial results, although, the company feels it now makes sense to add some higher margin, higher risk business to its reinsurance portfolio. Speaking during the Bermuda-based company's third-quarter 2018 earnings call, President and Chief ... Read the full article

Hedge fund reinsurer model shows signs of promise, but challenges remain

1st August 2018

Hedge fund reinsurers Greenlight Capital Re and Third Point Re have now both reported their second-quarter and half-year 2018 financial results, which, continues to show divergent performance in a challenging marketplace. The business model of the hedge fund reinsurance entities, of which Greenlight Re and Third Point Re are the most ... Read the full article

Third Point Re appoints two Senior Vice Presidents, Underwriting

17th July 2018

Hedge fund-backed reinsurer, Third Point Re has appointed both David Drury and Steven Wilson to the role of Senior Vice President, Underwriting. "We are very excited to have David and Steven join the Company as they bring proven track records and significant underwriting experience to the team,” said Robert Bredahl, President ... Read the full article

Third Point Re feeling “pretty good” about moderate positive rate trend in 2018

22nd May 2018

Hedge fund backed reinsurer Third Point Re has noted that the catastrophe events of 2017 have had a positive impact on rates for the type of deals it focuses on, with the company feeling "pretty good" about a moderate positive trend for the remainder of 2018. This is according to the ... Read the full article

Third Point Re to shift focus from generating float to underwriting: CEO

5th April 2018

President and CEO of Third Point Re J. Robert Bredahl highlighted a shift in strategy from a focus on generating investment float to a focus on underwriting, as the reinsurer aims to increase profit share brought in through taking on more risk. He explained in the firm's 2017 Annual Report; "Our ... Read the full article

Hedge fund Re performance shows volatile, but potentially rewarding strategy

7th March 2018

The performance of hedge fund reinsurers continues to be impacted by the low interest rate environment and weak underwriting returns, and, the divergent performance of Third Point Re and Greenlight Re in 2017 underlines the volatility that exists when adopting a total-return strategy. Third Point Re delivered net income of $277.8 ... Read the full article

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