Third Point Reinsurance Ltd.
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00:45 03.01.14
PR Newswire
HAMILTON, Bermuda, Jan. 2, 2014
HAMILTON, Bermuda, Jan. 2, 2014 /PRNewswire/ -- Third Point Reinsurance Ltd. (NYSE:TPRE) (the "Company") announced today that it has appointed Mark Parkin as the Chairman of its Audit Committee.
Mr. Parkin was appointed to the Company's Board of Directors on November 5, 2013 and since then has served as a member of the Company's Audit Committee and Governance and Nominating Committee. Prior to joining the Board of Directors of the Company, Mr. Parkin was employed by Deloitte & Touche LLP (and its predecessor Touche Ross & Co.) for 37 years. Mr. Parkin succeeds Mr. Steven Fass who served as the Chairman of the Audit Committee of the Company since February 1, 2012. Mr. Fass will continue to serve as a member of the Audit Committee from January 1, 2014.
"We believe Mark's background and wealth of accounting and public company experience make him well-suited to serve as chairman of our audit committee. I'd like to thank Steve for his guidance while serving as our Audit Chair, especially during the IPO process, and I look forward to his continued contributions as an ongoing member of our Audit committee," commented John Berger, Chairman, Chief Executive Officer and Chief Underwriting Officer.
About the Company
The Company is a public company listed on the New York Stock Exchange which, through its wholly owned subsidiary Third Point Reinsurance Company Ltd. ("Third Point Re"), writes property and casualty reinsurance business with an "A-"(Excellent) financial strength rating from A.M. Best Company, Inc. Third Point Re was incorporated in October 2011 and commenced underwriting business on January 1, 2012.
Contacts
Third Point Reinsurance Ltd.
Rob Bredahl
Chief Financial Officer & Chief Operating Officer
investorrelations@thirdpointre.bm
441-542-3333
SOURCE Third Point Reinsurance Ltd.
Quelle: PR Newswire
buran und MfG und danke und weitermachen
Prev Close: 17.40
Open: 17.48 §
Bid:§15.00 x 1000
Ask:§25.00 x 200
1y Target Est: 16.75
Beta: N/A§
Next Earnings Date: N/A
Day's Range: 16.85 - 17.48
52wk Range: 12.25 - 18.84
Volume: 269,063§
Avg Vol (3m): 254,573
Market Cap: 1.75B
P/E (ttm): 7.43
EPS (ttm): 2.28
Div & Yield: N/A (N/A)http://finance.yahoo.com/q?s=TPRE&ql=1
Our reinsurance strategy is to be highly opportunistic and disciplined. Substantially all of our investable assets are managed by our investment manager, Third Point LLC, which is wholly owned by Daniel S. Loeb, one of our founding shareholders. Third Point LLC is an SEC-registered investment adviser headquartered in New York, managing $12.9 billion in assets as of April 30, 2013. We directly own our investments, which are held in a separate account and managed by Third Point LLC on substantially the same basis as its main hedge funds, including Third Point Partners L.P., the original Third Point LLC hedge fund.
We were incorporated on October 6, 2011 and completed our initial capitalization transaction on December 22, 2011 with $784.3 million of equity capital, and commenced underwriting business on January 1, 2012. In January 2012, we received an A- (Excellent) financial strength rating from A.M. Best Company, Inc.
Our management team is led by John R. Berger, a highly-respected reinsurance industry veteran with over 30 years of experience, the majority of which was spent as the principal executive officer of three successful reinsurance companies. In addition, we have recruited a management team around Mr. Berger that also has significant senior leadership and underwriting experience in the reinsurance industry.
Our strategy includes managing reinsurance volatility by focusing on lines of business that have historically demonstrated more stable return characteristics, such as limited catastrophe exposed property, auto, workers compensation and certain segments of crop. These lines of business are often characterized as having exposure to higher frequency and lower severity claims activity. We underwrite a mix of short to medium tail personal lines and commercial lines.
We established the Third Point Reinsurance Opportunities Fund Ltd., Third Point Reinsurance Investment Management Ltd. and Third Point Re Cat Ltd. on June 15, 2012, in partnership with Hiscox Insurance Company (Bermuda) Limited. This is an open-ended fund providing exposure to a diversified Portfolio of peak zone natural catastrophe risk. Catastrophe reinsurance is an emerging asset class that has historically provided uncorrelated, attractive returns with low volatility. The Fund combines a world-class team and platform with superior deal flow, party sourced through a partnership with global reinsurer Hiscox.
Our investment manager, Third Point LLC, utilizes an investment strategy that deploys capital in both long and short investments with favorable risk/reward characteristics across select asset classes, sectors and geographies.
Third Point LLC identifies investment opportunities using a combination of top-down asset allocation decisions and a bottom-up, value-oriented approach to single security analysis. Third Point LLC seeks dislocations in certain areas of the capital markets or in the pricing of particular securities and supplements single security analysis with an approach to portfolio construction that includes sizing each investment based on upside/downside calculations, all with a view towards appropriately positioning and managing overall exposures. Through our investment manager, Third Point LLC, we make investments globally, in both developed and emerging markets, in all sectors, and in equity, credit, commodity, currency, options and other instruments.
Third Point LLC has historically favored “event-driven” situations, in which it believes that a catalyst, either intrinsic or extrinsic, will unlock value or alter the lens through which the greater market values a particular investment. Third Point LLC attempts to apply this “event” framework to each of its single security investments and this approach informs the timing and risk of each investment.
Third Point Partners L.P., which is Third Point LLC’s oldest fund, has reported a compounded annualized return of approximately 21% from its formation in June 1995 through December 31, 2012, and a compounded annual return of 9.74% and 17.66% for the five- and ten-year periods ended December 31, 2012.http://www.thirdpointre.bm/about/default.aspx
http://www.thirdpointre.bm/investors/...-chart-and-quote/default.aspx
Third Point Reinsurance Ltd.
c/o Investor Relations
The Waterfront, Chesney House, 1st Floor
96 Pitts Bay Road
Pembroke HM 08, Bermuda
http://www.thirdpointre.bm/investors/...ation/contact-ir/default.aspx
2013 / 11 / 12
Net Income of $46.6 Million, or $0.46 Per Diluted Common Share
HAMILTON, Bermuda, Nov. 12, 2013 /PRNewswire/ -- Third Point Reinsurance Ltd. ("Third Point Re" or the "Company") (NYSE: TPRE) today announced results for its fiscal third quarter ended September 30, 2013.http://www.thirdpointre.bm/investors/...Earnings-Results/default.aspx
2014 / 01 / 02
HAMILTON, Bermuda, Jan. 2, 2014 /PRNewswire/ -- Third Point Reinsurance Ltd. (NYSE:TPRE) (the "Company") announced today that it has appointed Mark Parkin as the Chairman of its Audit Committee.
Mr. Parkin was appointed to the Company's Board of Directors on November 5, 2013 and since then has served as a member of the Company's Audit Committee and Governance and Nominating Committee. Prior to joining the Board of Directors of the Company, Mr. Parkin was employed by Deloitte & Touche LLP (and its predecessor Touche Ross & Co.) for 37 years. Mr. Parkin succeeds Mr. Steven Fass who served as the Chairman of the Audit Committee of the Company since February 1, 2012. Mr. Fass will continue to serve as a member of the Audit Committee from January 1, 2014.
"We believe Mark's background and wealth of accounting and public company experience make him well-suited to serve as chairman of our audit committee. I'd like to thank Steve for his guidance while serving as our Audit Chair, especially during the IPO process, and I look forward to his continued contributions as an ongoing member of our Audit committee," commented John Berger, Chairman, Chief Executive Officer and Chief Underwriting Officer.
About the Company
The Company is a public company listed on the New York Stock Exchange which, through its wholly owned subsidiary Third Point Reinsurance Company Ltd. ("Third Point Re"), writes property and casualty reinsurance business with an "A-"(Excellent) financial strength rating from A.M. Best Company, Inc. Third Point Re was incorporated in October 2011 and commenced underwriting business on January 1, 2012.
Contacts
Third Point Reinsurance Ltd.
Rob Bredahl
Chief Financial Officer & Chief Operating Officer
investorrelations@thirdpointre.bm
441-542-3333
SOURCE Third Point Reinsurance Ltd.http://www.thirdpointre.bm/investors/...mmittee-Chairman/default.aspx
8-K
CURRENT REPORT FILING
DECEMBER 13, 2013
4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
MCCONACHIE NEIL
DECEMBER 9, 2013
4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
MCCONACHIE NEIL
NOVEMBER 12, 2013
10-Q
QUARTERLY REPORT
NOVEMBER 12, 2013
8-K
CURRENT REPORT FILING
NOVEMBER 7, 2013
4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
PARKIN MARK
NOVEMBER 7, 2013
4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
MCCONACHIE NEIL
NOVEMBER 7, 2013
4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
DE LA GUERONNIERE RAFE
NOVEMBER 7, 2013
4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
FASS STEVEN ELLIOT
NOVEMBER 7, 2013
4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
HENNESSY MARY R
http://www.thirdpointre.bm/investors/...tion/sec-filings/default.aspx
2013. Corresponding results of our reinsurance operations are not available. Results of our investment account managed by Third Point LLC for such periods are based on
information provided by our investment manager. This information has not been audited.
Our investment manager, Third Point LLC, and its affiliates manage and expect to manage other client accounts and investment funds, some of which have investment
objectives similar to ours. To comply with Regulation FD, we have provided the following summary of our investment performance.
Exposure P&L December YTD
Net Third Point Reinsurance Ltd. Investment Account 23.9%
Total L/S Equity 75.7% ‐8.0% 67.7% 2.5% ‐0.2%
December 31, 2013
Exposure & Investment Performance Investment Performance
Short
2.3% S&P 500 32.4%
Total Credit 30.3% ‐5.9% 24.4% ‐0.2% 0.0% ‐0.2%
Long Short Net Long
0.1% 0.1% Gross Allocation by Strategy
Total Other 0.3% 0.0% 0.3% ‐0.4% 0.4% 0.0%
Total Macro 6.0% ‐11.1% ‐5.1% 0.0%
Market Capitalization1
Geographic Exposure
Long Short Net
Top 10 Top 20
Americas 78% ‐13% 65%
EMEA 15% ‐7% 8%
Asia 19% ‐5% 14%
Position Concentration
1
Market capitalization applies only to the long/short equity strategy and reflects only those holdings that are exchange‐listed equity or any synthetic equity with an
underlying reference instrument market capitalization.
All information provided herein has been prepared by Third Point LLC at the request of Third Point Reinsurance Ltd. (“TP Re”). Sector and geographic categories are
determined by Third Point LLC in its sole discretion. All P&L and performance results are based on the net asset value of the investment account of TP Re (the "Account")
and are presented net of management fees, brokerage commissions, administrative expenses, and accrued performance allocation, if any, and include the reinvestment of
all dividends, interest, and capital gains. Performance allocation is accrued monthly but deducted annually. All performance results are estimates and should not be
regarded as final until audited financial statements are issued. While the performance of the Account has been compared here with the performance of a well‐known and
widely recognized index, the index has not been selected to represent an appropriate benchmark for the Account whose holdings, performance and volatility may differ
significantly from the securities that comprise the index. Past performance is not necessarily indicative of future results. All information provided herein is for
informational purposes only and should not be deemed as a reccomendation to buy or sell securities. All investments involve risk including the loss of principal. This
communication does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product.http://www.thirdpointre.bm/files/...y%20Report%20TPRE_v001_w9x20r.pdf