Third Point Realigns Partnership With Hiscox

December 21, 2014

Bermuda-based Third Point Reinsurance Ltd. announced a “re-alignment of its partnership” with Hiscox Insurance Company [Bermuda] Limited  in the catastrophe reinsurance fund management business.

The company said, “Third Point Re intends to contribute certain resources of Third Point Reinsurance Investment Management Ltd. into Hiscox’s Kiskadee insurance-linked securities ["ILS"] platform while winding down any remaining exposure in Third Point Reinsurance Opportunities Fund Ltd.

“Third Point Re intends to make an investment in Kiskadee funds and Manoj Gupta, Lead Portfolio Manager for Third Point Reinsurance Investment Management Ltd., is expected to serve as an advisor to Kiskadee Investment Managers Ltd. Manoj will also continue to serve in various underwriting and corporate roles with Third Point Re. In addition, both parties intend to further develop their strategic relationship to include non-ILS business opportunities.

John Berger, Chief Executive Officer of Third Point Re, commented, “While our existing cat fund has delivered very attractive returns to investors since its inception in January 2012, we are mindful of the increasingly difficult conditions in the catastrophe reinsurance market in the near term and the increasing value of a broad underwriting platform.

“For investors that seek to participate in the catastrophe reinsurance market, we believe Hiscox provides an outstanding franchise for sourcing risk around the globe. We look forward to supporting Hiscox across both the Kiskadee ILS platform and non-catastrophe reinsurance opportunities in the future.”

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