Third Point Re Eyes U.S. Arm

Sep 9 2014 | 6:37am ET

Third Point’s reinsurance business is mulling an entrance into the U.S. markets.

An American presence for Third Point Re would take the form of either a separate, U.S.-domiciled company or a Bermuda company that pays U.S. taxes, Artmeis reports. CEO John Berger told a recent insurance conference that, “as an offshore company, we’re really restricted on what our people can do in the United States. There’s no substitute for having people on the ground talking to people.”

Third Point Re hopes to double its premiums from US$500 million to US$1 billion. A U.S. office would be a key aspect of that growth.

Third Point set up its reinsurance arm three years ago. Third Point Re invests its premiums with the activist hedge fund, giving Third Point a source of permanent capital. Third Point Re went public last year.

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