Third Point Re catastrophe fund returns 11.4% to investors in 2013

by Artemis on February 28, 2014

Bermuda-based hedge fund backed property and casualty reinsurance firm Third Point Reinsurance Ltd., generated an 11.4% return for investors in its catastrophe investment fund in 2013, according to the firm’s executives.

The Third Point Reinsurance Opportunities Fund Ltd., which is managed by Third Point Reinsurance Investment Management Ltd. and underwritten through Third Point Re Cat Ltd., had a good year in 2013 it transpires. Yesterday Artemis reported that the fund had grown its net assets under management slightly to $104. million as of December 31, 2013.

Over the course of 2013 the Third Point Re catastrophe fund contributed meaningful earnings to the reinsurer as well. After attributing income to non-controlling interests, net income to Third Point Re from the catastrophe investment fund operations was $0.8 million for the fourth quarter of 2013 and $3.4 million for the full-year.

The results from Third Point Re did not mention the return to investors though, but during the firms fourth-quarter earnings call, Third Point Reinsurance Ltd. CFO and COO Rob Bredahl revealed that the catastrophe fund generated an 11.4% return for its investors in 2013.

In the market for insurance linked investment opportunities that is an attractive proposition for investors given the current reinsurance pricing and catastrophe bond spread environment. 2013 was the funds first full year of operations so it will be interesting to see how future years compare.

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