Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Third Point Re to launch with more than $750m in capital


It’s being reported in some of the financial and hedge fund press that the start-up reinsurer being launched with the backing of New York based hedge fund Third Point LLC  has closed its initial fundraising round on the 27th December having raised over $750m in initial capital. We presume that Third Point Re will be putting some of this capital to work in the January renewals and hence the announcement before the end of the year, their launch date had always been assumed as the 1st January.

Third Point Re began fundraising in September, our article on the new reinsurer can be found here, when it became clear that Third Point LLC founder Daniel Loeb was putting in some seed capital and leading fundraising from other investors.

Since then it has been confirmed that a number of other companies have invested in Third Point Re, including private equity firm Kelso & Co (said to have invested $250m), Pine Brook Partners and Dowling Capital Partners. The Insurance Insider has also previously reported that broker Aon Benfield would be taking a small equity stake in Third Point Re, but we can’t confirm that.

Ex CEO of Alterra, John  Berger, was reported to have joined Third Point Re as chief investment officer, bringing with him years of experience in the Bermuda reinsurance market.

The announcement from Third Point to their investors was brief but also contains details on their rating ambitions:

I am very pleased to advise that we have successfully completed the funding and formation of Third Point Re as originally planned and scheduled. The company will be launched with more than $750 million in capital and an A- credit rating from A.M. Best.

We can’t confirm the A.M. Best rating as it is not yet listed on their website.

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