Reinsurance News
Third Point Re
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
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
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