Ken Griffin’s Citadel LLC and Cambiar Investors LLC are among asset managers that reported holdings in billionaire Daniel Loeb’s Third Point Reinsurance Ltd. after the company’s initial public offering.
Citadel owned 2.12 million shares of the Bermuda-based reinsurer valued at $30.7 million as of Sept. 30, according to a regulatory filing today. Cambiar had 2.39 million shares at the end of the third quarter, a separate filing showed.
Loeb helped found Third Point Re about two years ago and took the company public in August, raising $317 million. The business relies on his hedge fund to oversee a portfolio with $1.1 billion in assets. Profit climbed 18 percent to $46.6 million in the third quarter as the underwriting loss narrowed and investment income rose.
“TPRE’s first quarter as a public company surpassed our expectations, driven by strong investment performance, highlighting the potential upside of its investment strategy,” Keefe Bruyette & Woods analysts led by Meyer Shields wrote in a Nov. 12 report, referring to the company by its stock ticker.
The reinsurer could post an underwriting profit as soon as the second half of 2014, Chief Executive Officer John Berger said on a conference call this week. He said there are opportunities to shoulder risks for companies selling residential policies, workers’ compensation coverage and mortgage insurance.
Pine Brook
Affiliates of private-equity firms Kelso & Co. and Pine Brook Road Partners LLC hold the largest Third Point Re stakes, according to a regulatory filing in August. Loeb controlled about 8.2 percent of the company.
Griffin, 45, traded convertible bonds as a sophomore at Harvard University and founded Chicago-based Citadel, which oversees about $17 billion. Katie Spring, a spokeswoman for the hedge-fund firm, didn’t immediately respond to an e-mail seeking comment.
–With assistance from Saijel Kishan in New York. Editors: Dan Reichl, Dan Kraut