Wednesday, 17 September 2014
Last updated 16 hours ago
Feb 28 2014 | 9:25am ET
Business is booming at Third Point’s reinsurance business—due in no small part to its investments.
Bermuda-based Third Point Re said its net income for last year soared 129%.The firm credited strong investment returns; the eponymous hedge fund manages the reinsurer’s premiums, and it rose more than 25% in 2013.
Third Point Re also pointed to better underwriting results.
“In 2013, our second year of operation, we made great strides in establishing our ‘Total Return’ platform, a combination of best-in-class reinsurance underwriting and market-leading investment management,” CEO John Berger said. “Thanks to improving underwriting results and exceptional investment returns, we increased diluted book value per share by more than 20% for the year.”
Third Point Re’s net income in the fourth quarter was US$80.1 million, 32% above the year-earlier period. For the full year, the company’s net income was US$227.3 million; in 2012, profits were less than US$100 million.
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