Hamilton, Bermuda, October 2, 2012 – Third Point Reinsurance Investment Management Ltd. And Hiscox Insurance Company (Bermuda) Limited, announced today an initial agreement in principle to partner in the development of Third Point Reinsurance Investment Management Ltd.’s catastrophe reinsurance fund management business.
Hiscox will be a shareholder of Third Point Reinsurance Investment Management Ltd., which was recently established by Third Point Reinsurance Ltd., and intends to make a significant investment in the Third Point Reinsurance Opportunities Fund Ltd., the initial fund entity launched. Structured via a quota share agreement, tailored portfolios of catastrophe reinsurance exposure will be ceded by Hiscox to the Fund.
John Berger, Chief Executive Officer of Third Point Reinsurance Ltd., commented on the announcement, "We are thrilled to be teaming up with Hiscox on this project. Hiscox is one of the best (re)insurance groups in the world and we look forward to developing a catastrophe reinsurance fund business with them."
Jeremy Pinchin, Hiscox Bermuda’s CEO added, "Finding innovative ways to bring fresh sources of capital to the market is a key objective of ours, it gives our clients and broker partners more opportunities to work with us. We look forward to developing a successful partnership with Third Point Reinsurance Ltd."
About Third Point Reinsurance Ltd.
Third Point Reinsurance Ltd., through its class 4 reinsurance company, Third Point Reinsurance Company Ltd., is a privately-held, Bermuda-domiciled specialty property and casualty reinsurer. Additional information can be found at www.thirdpointre.bm.
Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox Global Markets, Hiscox UK and Europe and Hiscox International. Hiscox Global Markets underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA.
|Third Point Reinsurance Ltd.|
|Shane Haverstick, 441-542-3306|
|Vanessa O’Flynn, 441-542-3302|
|Chief Administrative Officer|
|Hiscox Insurance Company (Bermuda) Limited|
|Kylie O’Connor +44 (0)20 7448 6656|
Source: Third Point Reinsurance Ltd.
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