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We are a Bermuda-based property and casualty reinsurer with a reinsurance and investment strategy that we believe differentiates us from our competitors. Our goal is to deliver attractive equity returns to shareholders by combining profitable reinsurance underwriting with superior investment... More
Tuesday, Nov 2612:42 PMPrice target boost for Loeb's Third Point
Tuesday, Nov 2612:42 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 128:59 AMLoeb's Third Point Re with first public earnings report
Tuesday, Nov 128:59 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 126:16 AM
Thursday, Aug 159:40 AMDan Loeb takes a bet on Disney, Elan, CF Industries
Thursday, Aug 159:40 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 1412:15 PMRetail investors about to get chance to invest with Loeb
Wednesday, Aug 1412:15 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.