Pine Brook Acquires Big Stake in Third Point Reinsurance

An investment management firm based in New York owns a significant stake in Third Point Reinsurance Ltd (TPRE) based on its 13G filing submitted to the Securities and Exchange Commission (SEC) today, January 20.

The filing showed that Pine Brook Road Advisors LP, an investment management firm owns 13.1% or 13,656,184 shares of Third Point Reinsurance Ltd.

Third Point LLC, the activist hedge fund managed by Daniel Loeb is the parent company of Third Point Reinsurance Ltd,

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Third Point Reinsurance (USA) to offer senior notes

Third Point Reinsurance (USA) Holdings Inc., a wholly-owned subsidiary of Third Point Reinsurance Ltd is planning to pursue an offering of senior notes.

The hedge fund strategy reinsurer said it intends to use the net proceeds from the sale of senior notes to partially finance the capitalization of Third Point Reinsurance (USA).

It is expected to fully and unconditionally guarantee the senior notes. The reinsurer said the guarantee will be registered under the Securities Act of 1933.

Third Point Reinsurance recently hired executives for U.S. subsidiary

Last December, the hedge fund strategy reinsurer hired Thomas Wafer and Jonathan Norton to help establish and manage its operations in the United States.

Its U.S. subsidiary was established so that it can originate incremental reinsurance business, to improve its service for its insurance company clients in the country and to further enhance its reinsurance broker relationships.

Third Point Reinsurance performance

Early this month, Third Point Reinsurance Ltd released the estimated returns of its investment account for December and year-to –date periods ending December 31. Third Point LLC is managing the investment account of the reinsurer.

The reinsurer reported that its investment account recorded 1.2% losses in December and a 5.2% gain year-to-date.


The firm said the corresponding results of its reinsurance operations are not available. The shares of Third Point Reinsurance closed $13.28 per share, down by nearly 2% today.