(Bloomberg) — Third Point Reinsurance Ltd., the Bermuda-based company co-founded by hedge-fund manager Dan Loeb, said buying a competitor in the U.S. or Europe could clash with its business model.
"One of our strengths is we can tell people that our money is managed" by Loeb's Third Point LLC, said John Berger, the reinsurer's chief executive officer, at a conference in New York on Wednesday. For European and U.S.-based companies, there are usually "restrictions on how you can invest the money."
When Third Point Re went public in 2013, it highlighted how Loeb's hedge-fund firm would be overseeing its investment portfolio, potentially helping the company achieve higher returns. That model means the company takes on more risk on the asset side of its balance sheet than some of its competitors, Berger said Wednesday.
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