Third Point Reinsurance Ltd. Announces Changes to Catastrophe Fund Business

2014 / 12 / 18

HAMILTON, Bermuda, Dec. 18, 2014 /PRNewswire/ -- Third Point Reinsurance Ltd. ("Third Point Re") (NYSE: TPRE) announced today a re-alignment of its partnership with Hiscox Insurance Company (Bermuda) Limited ("Hiscox") in the catastrophe reinsurance fund management business. Third Point Re intends to contribute certain resources of Third Point Reinsurance Investment Management Ltd. into Hiscox's Kiskadee insurance-linked securities ("ILS") platform while winding down any remaining exposure in Third Point Reinsurance Opportunities Fund Ltd. Third Point Re intends to make an investment in Kiskadee funds and Manoj Gupta, Lead Portfolio Manager for Third Point Reinsurance Investment Management Ltd., is expected to serve as an advisor to Kiskadee Investment Managers Ltd. Manoj will also continue to serve in various underwriting and corporate roles with Third Point Re. In addition, both parties intend to further develop their strategic relationship to include non-ILS business opportunities.

John Berger, Chief Executive Officer of Third Point Re, commented, "While our existing cat fund has delivered very attractive returns to investors since its inception in January 2012, we are mindful of the increasingly difficult conditions in the catastrophe reinsurance market in the near term and the increasing value of a broad underwriting platform. For investors that seek to participate in the catastrophe reinsurance market, we believe Hiscox provides an outstanding franchise for sourcing risk around the globe. We look forward to supporting Hiscox across both the Kiskadee ILS platform and non-catastrophe reinsurance opportunities in the future."

About Third Point Reinsurance Ltd.

Third Point Reinsurance Ltd. is a public company listed on the New York Stock Exchange which, through its wholly-owned subsidiary Third Point Reinsurance Company Ltd., writes property and casualty reinsurance business. Third Point Reinsurance Company Ltd. was incorporated in October 2011 and commenced underwriting business on January 1, 2012 with an "A-"(Excellent) financial strength rating from A.M. Best Company, Inc.

Contacts

Third Point Reinsurance Ltd.
Rob Bredahl
President and Chief Operating Officer
+1 441-542-3333
investorrelations@thirdpointre.bm

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SOURCE Third Point Reinsurance Ltd.