The reinsurer says it is more than just a hedge fund investing vehicle.

Third Point Reinsurance doesn't expect to make any mergers in the near term.

Allstate said it will repurchase as much as $3 billion of its stock as fourth-quarter profit exceeded analysts estimates.

PartnerRe jumped in New York trading after Insurance Insider reported that the reinsurer, which agreed last month to merge with Axis, might draw bids from rivals to break up the deal.

Hartford said fourth-quarter profit rose 22% as sales climbed at its main unit and margins improved.

Chubb said fourth-quarter profit fell 1.9% as investment income declined.