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PR Newswire (Feb 26, 2014)
PR Newswire (Feb 14, 2014)
PR Newswire (Jan 2, 2014)
PR Newswire (Dec 19, 2013)
TPRE vs. ETF Alternatives
Wednesday, Feb 266:29 PM
Thursday, Jan 28:24 AM
Thursday, Jan 28:24 AM| Comment!
- Following a 2013 in which the number of natural and man-made disasters fell by half, reinsurers could be hit with up to a 25% decline in premium revenue this year, according to broker Willis Re.
- Combining with the lack of catastrophes is a market in oversupply as pension funds and hedge funds (like GLRE and TPRE) rush into the business - a $50B increase in industry capital, says Willis CEO John Cavanagh.
- U.S. property casualty reinsurance faces the biggest hit - 10-25% - while European premiums could fall 10-15%.
- Hannover Re (HVRRY) last week said it expected premiums to fall this year, fueling concern about a price war with competitors like Swiss Re (SSREY) and Berkshire Hathaway (BRK.A, BRK.B).
- Among U.S. reinsurers: ACE, XL, PRE, RE, RNR.
Tuesday, Nov 262013, 12:42 PM
Tuesday, Nov 262013, 12:42 PM| 1 Comment
- It's another big day for Dan Loeb's Third Point Re (TPRE +2.1%) after Credit Suisse boosts its price target to $16 from $15. The stock's ahead by nearly a third since its August IPO and now sports a 1.38x price to book ratio.
- For comparison purposes, David Einhorn's Greenlight Capital Re (GLRE +1.4%) - also after a big run in the stock - sports a 1.31x price to book ratio.
Tuesday, Nov 122013, 8:59 AM
Tuesday, Nov 122013, 8:59 AM| Comment!
- Net income of $46.6M or $0.46 per share compares to $39.6M or $0.45 a year ago. Diluted book value per share of $12.35 gains 2.3% from the end of Q2 and compares to last night's close of $15.12, putting the stock at 1.22x book.
- Underwriting improves with the combined ratio of 107.9 falling from 117 a year ago.
- Net investment return from Loeb's hedge fund of 4.3% compared to 6.1% a year ago. YTD returns of 16.9% vs. 8.4% a year ago.
- CC at 9 ET.
- Q3 results, press release.
- TPRE no trades premarket.
Tuesday, Nov 122013, 6:16 AM
Thursday, Aug 152013, 9:40 AM
Thursday, Aug 152013, 9:40 AM| 1 Comment
- Third Point (TPRE) files its Q2 13-F.
- Key increases: TIBX +400%. BID +400%. LBTYK +344%. LBTYA +275%. TMO +92%. COG +10%.
- Key reductions: TIF -38%. NWSA -38%. IP -31%. AIG -25%. STZ -25%. APC -20%.
- Key exits: DLPH, AGU, CIM, LPX, NXPI, HES, EQIX, TDG, ST, MUR, LNG, ABBV, VMED, LYB.
- Key initiations: MPC ($89M). WMB ($57M). ELN ($120M). DIS ($114M). CF ($145M). CCE ($35M).
Wednesday, Aug 142013, 12:15 PM
Wednesday, Aug 142013, 12:15 PM| Comment!
- Expected to price tonight is a $300M IPO for Third Point Reinsurance (TPRE) which will allow investors to bet alongside Daniel Loeb, but also take on the risk of whether the underwriting operation can be a profitable one.
- Similar to David Einhorn's Greenlight Re (GLRE), TPRE provides Loeb with "permanent capital" in the form of a low cost float from the insurance business.
- The stock will be valued at 1.1x book value if it prices at the midpoint of the expected $12.50 to $14.50 range, not too dissimilar from GLRE.
- The insurance operation is just getting started so there's little to chew on there, but Loeb's history (he's compounded money at 17.7% annually over the last decade) and the reasonable valuation are enough to interest The Brooklyn Investor. Yes, the insurance business is a worry, but Third Point (like Greenlight) is in the business of managing risk and presumably has the resources to bring on the necessary insurance expertise.
- TPRE roadshow presentation.