John Berger News

Ascot Group Launches Bermuda Reinsurer; Berger Appointed CEO

Ascot Group Ltd. has launched Ascot Reinsurance Co. Ltd., after receiving approval from the Bermuda Monetary Authority (BMA). Ascot Re has received an additional injection of $1 billion of funds and has been given an “A” rating by A.M. Best, …

Third Point Re’s Berger to Step Down as CEO, Succeeded by Bredahl

Third Point Reinsurance Ltd. announced that John Berger, chairman and CEO, will be stepping down as CEO effective March 1, 2017. Robert Bredahl, currently president and chief operating officer, will succeed Berger as CEO of Third Point Re on March …

Third Point Re Shuns M&As Because Many Such ‘Marriages’ End in Divorce

Third Point Reinsurance Ltd., co-founded by hedge-fund manager Dan Loeb, likened the risk of mergers and acquisitions to picking a spouse without being aware of how much can go wrong. “Just like marriage, in M&A the 20 percent that work …

Third Point Re’s Q2 Net Income Rises to $53.4M in Biggest Profit Since 2013

Third Point Reinsurance Ltd., the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its biggest profit since 2013 as his portfolio rebounded. Second-quarter net income more than tripled to $53.4 million, or 51 cents a …

Loeb’s Hedge Fund Lowers Fees for Third Point Re

Third Point Reinsurance Ltd. won lower fees on investments overseen by Dan Loeb’s Third Point LLC, the hedge fund manager that helped start the Bermuda-based reinsurer. Third Point Re will pay a 1.5 percent annualized fee in addition to as …

PaCRe Exit Eased Tax Scrutiny on Offshore Reinsurers: Third Point Re CEO

Dan Loeb’s Third Point Reinsurance Ltd. said scrutiny of the industry’s offshore tax advantage has lessened after hedge fund manager John Paulson closed a venture that stood out as an ” outlier” for its aggressive use of strategies that were …

Loeb’s Third Point Re Reports Q1 Loss of $51.1M – 4th Loss in 7 Quarters

Third Point Reinsurance Ltd., the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its fourth loss in seven quarters as the portfolio slumped and underwriting was unprofitable. The first-quarter net loss was $51.1 million, or …

Third Point Re Reports 2015 Net Loss of $87.4M on Poor Investment Returns

Third Point Reinsurance Ltd., which counts on Dan Loeb to oversee investments, swung to a profit in the fourth-quarter as the hedge fund manager’s results improved before a January slump. Net income was $42.2 million, or 39 cents a share, …

Third Point Re CEO: Reinsurance Not as Easy to Enter as Some People Think

Third Point Reinsurance Ltd., co-founded by hedge-fund manager Dan Loeb, said the company is positioned to withstand competition from other investment firms because the industry isn’t as easy to enter as some people think. Fund managers “have a lot of …

Third Point Re Reports Q1 Net Income of $50.5M, Up From $39.8M in Q1 2014

Bermuda-based Third Point Reinsurance Ltd. reported first quarter net income of $50.5 million, or $0.47 per diluted common share, compared with net income of $39.8 million, or $0.37 per diluted common share, for the first quarter of 2014, an increase …