Third Point New Investor Presentation [SLIDES]

Third Point Reinsurance Ltd (NYSE:TPRE)’s has a new investor presentation, which can be viewed below. See Third Point Q3 letter to investors here.

Market-Leading Investment Management

  • Third Point LLC owned and led by Daniel S. Loeb
  • 21.1% net annualized returns since inception in 19955
  • Risk-adjusted returns driven by superior security selection and lower volatility

Relationship With Third Point LLC

Investment Management Agreement

Seth Klarman: Investing Is Art First, Craft Second And Science Third

Seth KlarmanSeth Klarman is considered to be one of the best value investors of all time. Unfortunately, he does not give many interviews or lectures. Q2 2020 hedge fund letters, conferences and more Luckily, those interviews and speeches that he does give are stuffed full of information and highly insightful comments that value investors can learn Read More


  • Exclusive relationship through 2016, followed by successive 3-year terms on renewal
  • Investments are managed on substantially the same basis as the main Third Point LLC hedge funds
  • We pay the standard 2% management fee and 20% performance allocation. The performance allocation is subject to a standard high water mark

Risk Management

  • Restrictions on leverage, position concentrations and illiquid, private investments
  • Key man and performance termination provisions
  • Allowed to diversify portfolio to address concerns of A.M. Best or regulator(s)

Liquidity

  • Investments are held in a separate account – Third Point Re has full ownership of investment portfolio to provide liquidity for claims and expenses
  • More than 95% of investments are within FAS 157 Levels 1 & 21
  • Separate account may be used at any time to pay claims and expenses

Third Point

Third Point LLC Portfolio Risk Management

  • Portfolio diversification across industries, geographies, asset classes and strategies
  • Highly liquid portfolio – investment manager can dynamically shift exposures depending on macro/market developments
  • Security selection with extensive diligence process
  • Approach includes index and macro hedging and tail risk protection
  • Institutional platform with robust investment and operational risk management procedures

See full Third Point Investor Presentation here.

Third Point Investor Presentation