5 October 2017Insurance

Third Point Re CEO praises strategy avoiding nat cat losses

Third Point Reinsurance CEO said on Oct. 4 that the company experienced only “modest” losses from natural catastrophes in North America as its strategy paid off.

"Third Point Re does not write any catastrophe excess of loss contracts and had only modest losses from the recent catastrophe events," commented Rob Bredahl, CEO of Third Point Re.

"Our total return business model is to manage our investment portfolio for higher expected returns while avoiding highly volatile forms of reinsurance such as catastrophe excess of loss treaties and other event covers.”

The company added that the estimated net investment return on its more than $2.5 billion investment portfolio was 14.4 percent year to date through September.

Third Point Re estimates its total third quarter catastrophe losses at less than $10 million against total industry losses that many industry experts believe could exceed $100 billion.

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More on this story

News
1 March 2018   Bermuda-based Third Point Re has swung to profit in the fourth quarter of 2017 and saw its full year 2017 results jump due to investment profits while underwriting produces losses.
Insurance
9 November 2017   Bermuda-based Third Point Reinsurance has announced that John Berger, chairman of the board of directors, will be stepping down at the end of the term.
Insurance
4 October 2017   Bernstein analysts expect US nat cat prices to increase by an average of 10 percent and US commercial property to go up by on average 5 percent as a result of insured losses caused by Hurricane Irma, Harvey and Maria.