Third Point Reinsurer Launches Catastrophe Biz.

Apr 19 2012 | 10:36am ET

Third Point's new reinsurer is getting into the property catastrophe business.

Bermuda-based Third Point Re has hired Manoj Gupta to lead the US$50 million "side-pocket" vehicle, Trading Risk reports. Gupta formerly worked at Goldman Sachs, were he led its $500 million side-pocket, known as a sidecar, Steamboat Re.

New York-based Third Point raised about $500 million for the reinsurer last year. The new company provides permanent capital to Third Point's hedge funds. It is led by former Alterra Capital Holdings reinsurance CEO John Berger.

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