Tailored portfolios of catastrophe reinsurance exposure will be ceded by Hiscox to the fund
Third Point Re and Hiscox Bermuda have agreed in principle to partner in the development of Third Point Reinsurance Investment Management’s catastrophe reinsurance fund management business.
Hiscox will be a shareholder of Third Point Reinsurance Investment Management and intends to make a significant investment in the Third Point Reinsurance Opportunities Fund, 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 Re, said: “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 chief executive officer, 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.