Filing Shows Third Point May Enter Reinsurance

Sep 6 2011 | 3:59am ET

Daniel Loeb appears to be following his friend David Einhorn into the reinsurance business.

Loeb's Third Point and Alterra Capital Holdings reinsurance chief John Berger may be going into business together, according to an Alterra filing with the Securities and Exchange Commission. In that disclosure, Alterra said that Berger, CEO of its reinsurance business, had left the firm on Aug. 1 to join Third Point Re.

Alterra offered no further information about the apparently new company, and Reuters found no such company registered in reinsurance hotspot Bermuda or eight other top jurisdictions, including Third Point's home base of New York.

Einhorn has been in the reinsurance business since 2004, when he founded Greenlight Capital Re. The company invests its premiums with Einhorn's hedge fund, Greenlight Capital.

Word of his potential new business line comes as Loeb offered investors some bad news about August: Third Point's flagship hedge fund shed 2.8% on the month to cut its year-to-date gain to 3.9%.

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