Bermuda-based Third Point Re has invested $5 million in Hiscox’s separately managed insurance-linked securities (ILS) platform, as it prepares to close down its ILS fund.
The significant strategic move for the company will allow it to focus on its core reinsurance operations as it folds down its existing operations in this space into Hiscox's Kiskadee ILS platform.
Third Point Re intends to invest $25 million in the platform, with $5 million having been invested on January 2, 2015. It intends to fund the remaining $20 million on June 1, 2015.
On January 5, 2015, a shareholders agreement between Third Point Re, Hiscox (Bermuda) and Third Point Reinsurance Investment Management was terminated. The termination will allow redemption of all outstanding investments in Third Point Reinsurance Opportunities Fund.
Third Point Re, Kiskadee Re, Hiscox, Reinsurance, Bermuda, ILS