Third Points Reinsurance aims to better serve its clients
The reinsurance firm is owned by Third Point LLC, the activist hedge fund managed by Daniel Loeb. Third Point Reinsurance wants to establish a new subsidiary with an office in the U.S. to be able to originate incremental reinsurance business, better serve its insurance company clients in the country and to further cultivate its reinsurance broker relationships.
According to Third Point Reinsurance Ltd (NYSE:TPRE), Norton will led its new U.S. operation and he will also serve as Chief Reserving Actuary for the group for Third Point Re Group. His appointment will be subject to the approval of the Bermuda Department of Immigration.
In a statement, John Berger, chairman, CEO and Chief Underwriting Officer of Third Point Reinsurance Ltd (NYSE:TPRE) said he worked with Norton and Wafer for`12 years prior to the establishment of Loeb’s reinsurance company.
“Tom and Jonathan are consummate professionals with long and successful track records in the reinsurance industry. I am thrilled and honored that they have agreed to join us to help expand our reinsurance underwriting platform,” said Berger.
Wafer previously served as chairman if Global Reinsurance for Alterra Capital Holding Limited. He also served as president of Harbor Point Re U.S. and president of Harbor point Services.
On the other hand, Norton was the former Chief Actuary of Alterra Reinsurance USA and Harbor Point.
Third Point Reinsurance’s performance
Since its inception in 1995, Third Point Reinsurance Ltd (NYSE:TPRE) generated 21.1% in net annualized returns. Its risk-adjusted returns were driven by superior security selection and lower volatility.
Third Point Reinsurance Ltd (NYSE:TPRE) has a full ownership of investment portfolio to provide liquidity for claims and expenses. Its investments are held in a separate account. More than 95% of its investments are in FAS 157 Levels 1& 21.
Last month, the reinsurance company posted earnings quarterly earnings of -$0.06 per share compared with the -$0.01 per share estimated by analysts.
Analysts at Zacks recently upgraded their rating for the shares of Third Point Reinsurance Re (NYSE:TPRE) to Neutral from Underperform with a price target of $15 per share.