Company Overview of Third Point Reinsurance Ltd.
Third Point Reinsurance Ltd. and its subsidiary, Third Point Reinsurance Company Ltd., provide various specialty property and casualty reinsurance products. The company operates in two segments, Property and Casualty Reinsurance, and Catastrophe Risk Management. The Property and Casualty Reinsurance segment underwrites property, personal automobile, workers compensation, homeowners’, crop insurance, mortgage insurance, and multi-line reinsurance for insurance and reinsurance companies. The Catastrophe Risk Management segment underwrites property catastrophe exposures; and writes excess of loss catastrophe reinsurance. The company was incorporated in 2011 and is based in Pembroke, Bermuda.
96 Pitts Bay Road
Pembroke, HM 08
Founded in 2011
Key Executives for Third Point Reinsurance Ltd.
Chairman, Chief Executive Officer, Member of Executive Committee and Member of Underwriting Committee
Total Annual Compensation: $1.3M
President and Chief Operating Officer
Total Annual Compensation: $1.1M
Executive Vice President of Underwriting
Total Annual Compensation: $900.0K
Compensation as of Fiscal Year 2013.
Third Point Reinsurance Ltd. Key Developments
Third Point Reinsurance Ltd. Appoints Steven E. Fass as Lead Independent Director
Mar 4 15
Third Point Reinsurance Ltd. announced that at its February 26, 2015 meeting the company's Board of Directors appointed Steven E. Fass, who has served as a Director of the company since February 2012, to the newly created position of Lead Independent Director. In this additional role, Mr. Fass will chair non-management executive sessions of the Board, act as a liaison between the Board and executive management of the company, assist in setting meeting agendas, assist the Chairman in Board and Board member performance assessments, and act as Chairman in the event the current Chairman is unavailable.
Third Point Reinsurance Ltd. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Feb 26 15
Third Point Reinsurance Ltd. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported a net loss of $14.7 million, or $0.14 per diluted common share, compared with net income of $80.1 million, or $0.75 per diluted common share, for the fourth quarter of 2013, a decrease of 118.3%. Return on beginning shareholders' equity was negative at 1.0% compared with return on beginning shareholders' equity of 6.1% a year ago. Total revenues were $177.1 million compared with $147.8 million a year ago. Loss before income tax was $12.1 million compared with income of $81.7 million a year ago.
For the year, the company reported net income of $50.4 million, or $0.47 per diluted common share, compared with $227.3 million, or $2.54 per diluted common share, for the year ended December 31, 2013, a decrease of 77.8%. As on December 31, 2014, the company's diluted book value per share was $13.55 per share. The overall results for the quarter were disappointing due to challenging investment market conditions. Return on beginning shareholders' equity was 3.6% compared with return on beginning shareholders' equity of 23.4% a year ago. Total revenues were $530.1 million compared with $478.8 million a year ago. Income before income tax was $62.4 million compared with $233.1 million a year ago.
Third Point Reinsurance Ltd. Presents at Bank of America/Merrill Lynch 2015 Insurance Conference, Feb-11-2015 03:30 PM
Feb 11 15
Third Point Reinsurance Ltd. Presents at Bank of America/Merrill Lynch 2015 Insurance Conference, Feb-11-2015 03:30 PM. Venue: The New York Palace, New York, New York, United States. Speakers: John R. Berger, Chairman, Chief Executive Officer, Chief Underwriting Officer, Member of Executive Committee and Member of Underwriting Committee, Rob Bredahl, President and Chief Operating Officer.
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