Third Point Reinsurance explains its total return reinsurance model, which combines opportunistic underwriting with hedge fund style investing managed by Third Point LLC. The presentation argues that investment skill can be as important as underwriting discipline, highlighting 20.6% annualized investment returns since 1995 and growing float generation.
Investor Presentation
Third Point Reinsurance
Research
30 Pages
Key Takeaways
Investment Driven Model: Third Point Partners generated 20.6% net annualized returns from 1995 through 2014, supporting the firm's strategy of pairing reinsurance float with active investing.
Rapid Premium Growth: Gross written premium increased from $190 million in 2012 to $613 million in 2014, reflecting expanding scale across multiple reinsurance lines and transaction types.
Improving Underwriting Economics: The P&C combined ratio declined from 129.7 in 2012 to 102.2 in 2014, while Q4 2014 reached 100.2%, indicating progress toward underwriting profitability.
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