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Reinsurance News

Third Point Re

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

Third Point Re appoints Neil McConachie to its board

13th December 2017

Neil McConachie, a well-known reinsurance industry executive who previously helped to found Fidelis, has been added to the board of hedge fund backed Third Point Re. Third Point Re said that Neil McConachie has been appointed to the Board to replace Christopher L. Collins, who steps down from the ... Read the full article

Investment returns highlight divergence in hedge fund reinsurer performance

16th November 2017

The performance of hedge fund backed reinsurers Third Point Re and Greenlight Re continues to diverge, while investment returns remain the driver of profitability for market participants that adopt a total-return strategy. Investment-oriented reinsurance companies, such as Third Point Re and Greenlight Re, seek to bolster poor underwriting returns by optimising ... Read the full article

Private equity specialist Kelso selling most of its Third Point Re stake

14th November 2017

Specialist private equity investor Kelso & Company is selling almost 70% of its stake in Bermudian hedge fund backed reinsurance firm Third Point Re, in a secondary offering of 15 million shares. At yesterday's closing price of $16.80, the 15 million shares will raise Kelso around $252 million. The shares represent approximately ... Read the full article

Third Point Re announces Board changes as John Berger steps down

9th November 2017

Hedge fund backed reinsurer, Third Point Re, has announced a number of changes to its Board of Directors, including that John Berger will step down as Chairman of the Board, effective December 22nd, 2017. Berger's departure comes at the end of the term of his Chairman's agreement, and he will be ... Read the full article

Third Point Re strategy means it avoids major Q3 catastrophe loss

6th October 2017

Third Point Re has released initial loss estimates for third quarter catastrophe activity and year to date investment returns net losses from recent catastrophe events of under $10 million. The reinsurer said 2017 net return on investments managed by Third Point was 14.4% through to September 30th, which is set to ... Read the full article

Third Point Re announces senior executive team changes

9th August 2017

Third Point Reinsurance, the hedge fund strategy reinsurer backed by Daniel Loeb's Third Point LLC, has announced a series of changes to its executive team, subject to Bermuda Department of Immigration and regulatory approval. Daniel Malloy was promoted from Chief Underwriting Officer to Chief Executive Officer (CEO) of Third Point Reinsurance Company ... Read the full article

Third Point Re hires David Govrin from Berkshire Hathaway

11th April 2017

Third Point Reinsurance Ltd. has announced the hiring of David Govrin, previously a member of Berkshire Hathaway Reinsurance Group's underwriting team, as its Executive Vice President, Underwriting at Third Point Reinsurance (USA) Ltd. Govrin had spent seven years as Vice President in Berkshire Hathaway's Reinsurance Group, as a key member ... Read the full article

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