Hedge fund backed Bermuda reinsurer Third Point Reinsurance Company have published a press release announcing further operational milestones as the start-up company gets down to business. Third Point Re was launched with the backing of New York based hedge fund Third Point LLC and raised over $750m of capital ($785m apparently) which they’re now putting to work. They announced some senior hires recently and have now added to them with more core team members.
The press release published yesterday says that since their launch in January they have underwritten multiple new reinsurance treaties. The slightly unusual January renewals, particularly on the retro side, will have helped Third Point Re who started writing business in January and so could have missed a lot of the renewal season had it been a normal market environment.
Chairman and CEO John Berger is directly responsible for underwriting decisions and is also Chief Underwriting Officer. The team which includes the two ex-Aon Benfield execs CFO/COO Robert Bredahl and EVP of Underwriting Daniel Malloy are now joined by additional hires EVP of Underwriting Anthony Urban; Chief Actuary and Chief Risk Officer Michael McKnight; EVP, General Counsel and Secretary Tonya Marshall; SVP of Operations Shane Haverstick; and Chief Administrative Officer Vanessa O’Flynn.
Third Point Re’s investment portfolio is managed by Third Point LLC and the strategy will be event-driven and value oriented.
The press release also details some of the backers who helped finance and set up Third Point Re. They include three founding private equity investors Kelso, Pinebrook and Dowling Capital. Together, the founding private equity investors placed $390m into the company. Third Point LLC CEO Daniel S. Loeb also invested $75m in Third Point Re’s initial capitalization.