Third Point Reinsurance has announced that its initial net loss estimate from third quarter catastrophes is expected to be less than $10 million.
“Third Point Re does not write any catastrophe excess of loss contracts and had only modest losses from the recent catastrophe events," commented Rob Bredahl, president and CEO of Third Point Re. "Our total return business model is to manage our investment portfolio for higher expected returns while avoiding highly volatile forms of reinsurance such as catastrophe excess of loss treaties and other event covers.
“The estimated net investment return, as reported by our investment manager, on our more than $2.5 billion investment portfolio was 14.4 percent year to date through September and we estimate our total third quarter catastrophe losses at less than $10 million against total industry losses that many industry experts believe could exceed $100 billion.”
Third Point Re, Rob Bredahl, Catastrophe losses, North America, Bermuda