Third Point Reinsurance Ltd. has a new presentation for Q3 14
Also see Third Point Q3 Letter: Long Amgen, eBay; Sells Sony, AIG, Hertz
• Third Point LLC owned and led by Daniel S. Loeb
• 21.1% net annualized returns since inception in 1995
• Risk-adjusted returns driven by superior security selection and lower volatility
Investment Management Agreement
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
TPRE Investor Presentation Nov 2014 FINAL v2 v001 m5ih35 (1)
