HAMILTON, Bermuda, June 28, 2016 /PRNewswire/ -- Third Point Reinsurance Ltd. ("Third Point Re", or the "Company") (NYSE: TPRE) today announced that it entered into new long term investment management agreements with Third Point LLC ("Third Point").
At its inception in December 2011, Third Point Re retained Third Point as its exclusive investment manager under a five year investment management contract. This agreement, and a separate investment management agreement for Third Point Reinsurance (USA) Ltd., were renewed to have effect from December 22, 2016, in each case for a five year term.
John Berger commented, "Third Point has been an outstanding partner in all respects. They helped us form Third Point Re, have supported us in building out our financial reporting and treasury functions, and have performed strongly as our investment manager. Since our inception and through the first quarter of 2016, Third Point has generated an annualized return on our invested assets of 9.6%."
Daniel Loeb, Third Point's CEO, said "We are pleased to extend our partnership with Third Point Re and look forward to continuing to create long term value for shareholders by delivering superior risk-adjusted investment returns."
Details of the aforementioned investment management agreements will be available in an 8-K filing made with the SEC.
This press release contains certain statements that may constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations concerning our market position, international expansion, future operations, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources and other financial and operating information, and statements regarding the performance of our investment portfolio. The words "may," "believes," "intends," "seeks," "anticipates," "plans," "estimates," "expects," "should," "assumes," "continues," "could," "will," "future" and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release. The Company has made every reasonable effort to ensure that the information, estimates, forecasts and assumptions on which these statements are based are current, reasonable and complete. However, these forward‐looking statements are subject to a number of risks and uncertainties that may cause the Company's actual performance to differ materially from that projected in such statements. In addition, the historical performance of Third Point LLC should not be considered as indicative of the future results of our investment portfolio or of our future results, or of any returns expected on our common shares. See the "Risk Factors" in the Company's Annual Report on Form 10‐K for the year ended December 31, 2015, and other reports the Company files with the SEC, which identify important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward‐looking statements. TPRE expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements, whether as a result of new information, future events, or otherwise.
About the Company
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.
Third Point Reinsurance Ltd.
Head of Investor Relations and Business Development
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/third-point-re-completes-long-term-investment-management-agreements-with-third-point-llc-300291210.html
SOURCE Third Point Reinsurance Ltd.