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Third Point Reinsurance Ltd. (NYSE: TPRE) will release its third quarter 2020 financial results on November 5, 2020, after market close. A conference call to discuss these results is scheduled for 8:30 am ET on November 6, 2020. Investors can join the call by dialing 1-877-407-0789 (domestic) or 1-201-689-8562 (international). The replay will be available shortly after the call and can be accessed until November 13, 2020, at 1-844-512-2921 (domestic) or 1-412-317-6671 (international).
Third Point Reinsurance Ltd. (NYSE: TPRE) announced the appointment of David Junius as Chief Operating Officer effective October 1, 2020. Following the expected merger with Sirius International Insurance Group Ltd., he will become Chief Financial Officer of the newly renamed SiriusPoint. Chairman Sid Sankaran emphasized Junius's experience will enhance profitability and return on equity. Junius aims to improve operations and underwriting profitability while focusing on technology to support customer service. Current CFO Christopher S. Coleman will assist in the transition.
Third Point Reinsurance Ltd. (NYSE: TPRE) announced a strategic investment in Arcadian Risk Capital Ltd., a new Managing General Agent (MGA) based in Bermuda, slated to commence operations on October 1, 2020. Third Point Re will hold a minority stake and will provide insurance capacity to Arcadian, leveraging strong market conditions in casualty lines. CEO Dan Malloy emphasized the transformation of Third Point Re into a specialty re/insurer, while Arcadian's founder, John Boylan, sees an opportunity to fill market gaps due to capacity contraction among existing insurers.
Third Point Reinsurance Ltd. (NYSE: TPRE) announced on September 15, 2020, that A.M. Best has placed its ratings under review with developing implications. This follows the announcement of a merger with Sirius International Insurance Group, Ltd. (NASDAQ: SG) to form SiriusPoint. The merger is expected to add approximately $1.9 billion to TPRE's existing $600 million in gross premiums written, enhancing market profile and diversification. Despite the merger, TPRE's balance sheet strength is projected to remain strong, benefiting from reduced concentration in alternative investments.
On September 11, 2020, Third Point Reinsurance Ltd. (NYSE: TPRE) announced a definitive agreement with holders of Sirius International Insurance Group, Ltd.'s (NASDAQ: SG) Series B Preference Shares. The agreement allows holders to remain investors post-merger, converting up to $260 million into new Series B Preference Shares of the renamed SiriusPoint Ltd. These shares will feature an 8.00% annual cumulative cash dividend. The agreement also includes a release of potential claims against Sirius, marking a significant endorsement from key investors.
Third Point Reinsurance Ltd. (NYSE: TPRE) announced participation in a virtual fireside chat at the KBW Insurance Conference on September 9, 2020, at 11:40 a.m. Eastern Time. Chairman Siddhartha Sankaran and CEO Daniel V. Malloy will represent the company. A live audio webcast will be available on the company's website, with an archive lasting approximately 90 days. Third Point Reinsurance operates in property and casualty reinsurance through its subsidiaries, both rated 'A-' (Excellent) by A.M. Best Company.
Third Point Reinsurance reported a net income of $124.0 million, or $1.33 per diluted share, for Q2 2020, a significant increase from $53.1 million, or $0.57, in Q2 2019. However, for the first half of 2020, the company faced a net loss of $59.6 million, compared to a profit of $186.0 million in the same period last year. The second quarter return on equity was 10.1% with a combined ratio of 98.3%. The company’s shift towards higher-margin lines is improving, although COVID-19 impacts incurred losses of $9.9 million during the quarter.
Third Point Reinsurance Ltd. (NYSE: TPRE) is set to release its second quarter 2020 financial results on August 6, 2020, after market close. A conference call to discuss these results will take place on August 7, 2020, at 8:30 am ET. Investors can access the call at 1-877-407-0789 or via the Company's website. A replay of the call will be available shortly after it concludes and can be accessed until August 14, 2020.
As a public company on the NYSE, Third Point Reinsurance writes property and casualty reinsurance and has an “A-” rating from A.M. Best Company.