(Bloomberg) — Third Point Reinsurance Ltd., which counts Dan Loeb as a founder, said it's more than just a hedge fund investing vehicle as the Internal Revenue Service weighs tightening regulation for offshore companies.
"Anyone that spent a day in our office would clearly see that we're a real insurance company," Chris Coleman, the chief financial officer, said at a conference Thursday in Boston.
Hedge fund managers like Loeb and John Paulson have pushed into the Bermuda reinsurance market to access additional capital for investing while gaining tax advantages. The IRS is weighing whether to impose minimum standards for reserves or premiums to distinguish the companies that rely most on underwriting from those that depend more on investing.
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