Third Point Re, a reinsurance provider with offices in Bermuda, has entered into new long term investment management agreements with its affiliate, Third Point.
Third Point Re, at its inception in December 2011, retained Third Point as its exclusive investment manager under a five year investment management contract. This agreement, and a separate investment management agreement for Third Point Reinsurance (USA), were renewed to have effect from December 22 2016, in each case for a five year term.
John Berger, chairman and chief executive officer (CEO) of Third Point Re, commented: "Third Point has been an outstanding partner in all respects. They helped us form Third Point Re, have supported us in building out our financial reporting and treasury functions, and have performed strongly as our investment manager.
“Since our inception and through the first quarter of 2016, Third Point has generated an annualised return on our invested assets of 9.6 percent."
Daniel Loeb, CEO of Third Point, said "We are pleased to extend our partnership with Third Point Re and look forward to continuing to create long term value for shareholders by delivering superior risk-adjusted investment returns."
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