Third Point Re reports net loss of $15m for Q3

Third Point Re has reported a net loss of $15.1 million for Q3 2019.

Losses were slightly up on the same period last year, when Third Point Re made a net loss of $13.3 million.

But gross written premiums were significantly up year on year, to $95.4 million for Q3 2019, from $30.1 million in the same quarter of 2018.

Meanwhile the combined ratio fell to 102.7 percent for Q3 2019, from 104.9 percent in the same period last year. Of this figure, 6.2 percentage points, or $12.7 million, was attributable to catastrophe events that occurred during the period, net of reinstatement premiums and profit commission adjustments, said Dan Malloy, CEO of Third Point Re.

Malloy said the company was very pleased with the progress it is making in deploying underwriting capacity into higher margin lines of business.

“We remain on track to achieve our goal of underwriting profitability in 2020, subject to catastrophe events," he said. "Our quarter to date return on equity was negative 1.1 percent, slightly reducing our year to date return to 14.2 percent.”

Meanwhile Third Point Re has appointed Joseph Dowling to the board of directors. Dowling has served as CEO of the Brown University investment office since July 2018, and from June 2013 to July 2018 served as the chief investment officer of Brown University.

Josh Targoff, chairman of the board, said Dowling brings essential expertise in capital allocation, asset management and portfolio construction. “The Board will benefit from his many years of investing in public markets and specifically his expertise in alternative assets as the company continues to evolve and adapt to market conditions," he said.