Third Point Reinsurance Ltd. Announces Strategic Equity Investment in Noblr

2019 / 06 / 20

HAMILTON, Bermuda, June 20, 2019 /PRNewswire/ -- Third Point Reinsurance Ltd. (NYSE: TPRE) ("Third Point Re" or the "Company") today announced that it has entered into a relationship with Noblr, Inc. ("Noblr") through a combination of a minority equity investment and reinsurance.

Noblr is an innovative, technology-driven company co-founded by Gary Tolman and Jason Foucher to create an insurance product intended to create friendlier, safer roads for everyone by rewarding good drivers for making smart decisions. Noblr is building a community of responsible drivers by leveraging telematics data, actuarial insight, and product innovation and design to give drivers feedback and real-time rates based on their actual driving behavior. Noblr's initial focus is on personal auto insurance in the United States having recently launched in Colorado.

Dan Malloy, Chief Executive Officer of Third Point Re, commented, "One component of our business strategy is to leverage our underwriting and capital markets expertise to offer capital alternatives in numerous forms and combinations. Noblr's innovative platform combined with the management team's extensive experience in the insurtech space make this a very exciting opportunity, and we are looking forward to working with Gary and Jason to help them grow their business."

Gary Tolman, CEO and Co-founder of Noblr, said, "We are excited to have Third Point Re as a partner given their expertise in reinsurance, and their capital investment will provide the fuel necessary to grow our business. While other companies take a more generalized and less transparent approach, Noblr members pay for insurance based on what they actually do. Thanks to Noblr's proprietary technology, Noblr drivers who drive better can lower their rates and make the roads friendlier every trip they take. In fact, our behavior-based pricing is calculated in real time based on how well and how much someone actually drives. In addition to savings, Noblr's intuitive app and highly personalized pricing model help directly incentivize better driving."

About Third Point Re
The Company is a public company listed on the New York Stock Exchange which, through its wholly-owned subsidiaries Third Point Reinsurance Company Ltd. and Third Point Reinsurance (USA) Ltd. writes property and casualty reinsurance business. Third Point Reinsurance Company Ltd. and Third Point Reinsurance (USA) Ltd. each have an "A-" (Excellent) financial strength rating from A.M. Best Company, Inc.

About Noblr
Noblr is a new kind of car insurance company that rewards its members' good driving habits by giving a highly accurate, competitive rate that is based on, among other things, time of driving, road choice, quality of driving, and miles driven. Noblr is an innovator in terms of its proprietary insurance solutions and its corporate structure. Through a reciprocal exchange model, Noblr customers are members who help steer the company's direction. The Noblr team and its members are working together to change the way we think about driving and our insurance. For more information, please visit www.noblr.com.  

Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe", "could", "ensure" or "continue" or the negative thereof or variations thereon or similar terminology.

Actual events, results and outcomes may differ materially from the Company's expectations due to a variety of known and unknown risks, uncertainties and other factors. These risks and uncertainties include, but are not limited to, those factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2018 under the heading "Risk Factors" and other periodic and current disclosures filed with the Securities and Exchange Commission.  All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward looking statements, whether as a result of new information, future events or otherwise.

Contact
Third Point Reinsurance Ltd. 
Chris Coleman – Chief Financial Officer 
+1 441-542-3333 
investorrelations@thirdpointre.bm

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SOURCE Third Point Reinsurance Ltd.