Loeb’s Reinsurer Gains as KBW Lifts Estimates on Investments
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Dan Loeb’s Third Point Reinsurance Ltd., which had an initial public offering in August, rallied as analysts at Keefe, Bruyette & Woods raised their earnings estimate on better-than-expected investment results.
The reinsurer climbed 3.1 percent to $14.94 at 4:05 p.m. in New York after reporting that its investments managed by Loeb’s Third Point LLC gained 2.5 percent in September, and 17 percent in the first nine months of the year. Those results led the KBW analysts to boost their earnings estimate for the third quarter to 31 cents a share from 20 cents.