Hiscox and Third Point Re to create new cat fund

Hiscox Bermuda has agreed in principle to partner Third Point Reinsurance in the creation of a new catastrophe fund management business.

Hiscox will become a shareholder of Third Point Reinsurance Investment Management, which has been set up for the purpose, and says it intends to make a significant investment in the Third Point Reinsurance Opportunities Fund, the initial fund entity to be launched.

Structured via a quota share agreement, tailored portfolios of catastrophe reinsurance exposure will be ceded by Hiscox to the new fund.

Jeremy Pinchin, Hiscox Bermuda’s chief executive officer, comments: “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.”

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Category: Companies News, Insurance News