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Reinsurance News

Third Point Re

Third Point Re reports 217.3% rise in GWP, adds board member

6th November 2019

Hedge fund-backed reinsurer Third Point Re has posted a 217.3% increase in gross written premiums for the third quarter. This $65.3 million increase was primarily driven by a single retroactive reinsurance contract written in the period. Third Point Re reported a Q3 net loss of $15.1 million, compared to a $13.3 million ... Read the full article

Third Point Re names Malloy CEO, adds Sid Sankaran to Board

8th August 2019

The Board of Directors of Third Point Re has affirmed the appointment of Dan Malloy as Chief Executive Officer (CEO) following the resignation of Robert Bredahl earlier this year. Malloy was appointed interim CEO at the time of Bredahl's departure and after the Board's review, he has now been affirmed ... Read the full article

Third Point Re’s underwriting result improves on property cat business

8th August 2019

Hedge fund-backed reinsurer Third Point Re has reported an improved, albeit still negative underwriting result for the second-quarter and first-half of 2019, while the firm's net income improved for both periods when compared with 2018. Third Point Re has reported net income of $53.1 million for Q2 and $186 million for ... Read the full article

TransRe’s David Sinclair joins Third Point Re as SVP, Marketing & Investments

22nd July 2019

Hedge-fund backed reinsurer Third Point Reinsurance Ltd. (Third Point Re) has named David Sinclair as Senior Vice President (SVP), Marketing and Investments, effective September 2nd, 2019. Sinclair joins the firm from Transatlantic Re (TransRe), and his appointment is part of Third Point Re's strategy to expand and strengthen its presence in ... Read the full article

Neil McConachie exits Third Point Re board

8th July 2019

Neil McConachie, a prominent reinsurance executive who previously helped to found Fidelis, has resigned from the board of hedge fund-backed Third Point Re. According to a United States Stock Exchange Commission filing Third Point Re's board received the resignation of McConachie on 1 July 2019. The effective date of the resignation ... Read the full article

Third Point Re invests in driver-focused insurtech Noblr

20th June 2019

Hedge fund-backed reinsurer Third Point Re has entered into a partnership with insurtech firm Noblr through a combination of a minority equity investment and reinsurance. Noblr offers an insurance producted designed to reward drivers for making smart decisions, leveraging telematics data, actuarial insight, and product design to offer feedback and real-time ... Read the full article

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

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