Bermuda based hedge fund backed reinsurer Third Point Re has announced a new hire to its investment management arm, Third Point Reinsurance Investment Management Ltd. The new hire will be responsible for capital raising efforts and investor relations as the firm looks to build out its reinsurance capital management and underwriting platforms.
Third Point Re is backed by Dan Loeb’s Third Point LLC hedge fund, institutional investors and contributions from partners such as insurer Hiscox. The reinsurer has been building out its operations since it launched in time for the January 2012 renewals. The reinsurer operates a catastrophe fund, which Hiscox partnered on, as well as other reinsurance underwriting facilities. Third Point Re is said to be preparing for an IPO which could happen later this year.
Today’s announcement is of the appointment of Nick Zagoreos as Head of Business Development for Third Point Reinsurance Investment Management Ltd. In the new role, Zagoreos will be responsible for capital raising efforts and investor relations for the reinsurers investment management and third-party capital arm, which is part of the Third Point Reinsurance Ltd. group of companies. Third Point Reinsurance Investment Management Ltd. solely focuses on strategies related to catastrophe reinsurance and so Zagoreos will be aiming to help the firm grow its catastrophe-linked funds under management.
Zagoreos most recently worked at Man Investments Inc. where he held a Managing Director role focusing on institutional business development for various alternative strategies and solutions in the US and Europe. Prior to that he was employed at Lazard & Co., Limited in London responsible for a private placement business. In this capacity he originated and placed private securities to various types of investor groups in Europe.
Zagoreos has an ideal background to help Third Point Re increase the contribution that third-party capital makes to its business. It’s likely that Third Point will task him with building new investor relationships with the aim of raising funds for the 2014 January renewal season.