giofranchi Posted August 27, 2013 Share Posted August 27, 2013 First take by the Brooklyn Investor. giofranchi third-point-reinsurance-the-brooklyn-investor-august122013.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted August 31, 2013 Author Share Posted August 31, 2013 Investment Results August 2013: August: -0.7% YTD 2013: +14.1% giofranchiTPRE_Investment_Results_August_2013.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted September 4, 2013 Author Share Posted September 4, 2013 Investment Portfolio Return Summary - August 2013 giofranchi2013-August-Monthly-Report-TPRe.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted September 5, 2013 Author Share Posted September 5, 2013 Quiet Period Ends On Monday For Third Point Reinsurance http://seekingalpha.com/article/1674702-quiet-period-ends-on-monday-for-third-point-reinsurance?source=email_rt_article_readmore giofranchi Link to comment Share on other sites More sharing options...
accutronman Posted September 9, 2013 Share Posted September 9, 2013 Great way to get exposure to both Dan Loeb and John Berger. MS out with coverage initiation at OW and PT of $16.50. Link to comment Share on other sites More sharing options...
dcollon Posted September 9, 2013 Share Posted September 9, 2013 http://www.bloomberg.com/news/2013-09-09/loeb-reinsurer-seen-topping-einhorn-s-on-underwriting.html Link to comment Share on other sites More sharing options...
no_free_lunch Posted September 10, 2013 Share Posted September 10, 2013 This is a duplicate thread. http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/tpre-third-point-reinsurance Link to comment Share on other sites More sharing options...
giofranchi Posted September 12, 2013 Author Share Posted September 12, 2013 Is Tibco Dan Loeb's Next Pet Project? http://seekingalpha.com/article/1684032-is-tibco-dan-loebs-next-pet-project?source=feed giofranchi Link to comment Share on other sites More sharing options...
giofranchi Posted September 17, 2013 Author Share Posted September 17, 2013 Investor Presentation September 2013 giofranchiTPRE_-_Investor_Presentation_September_2013.pdf Link to comment Share on other sites More sharing options...
no_free_lunch Posted September 17, 2013 Share Posted September 17, 2013 Interesting presentation. The one thing that concerns me is that the combined ratio is so high (107-120). They are claiming that G&A will drop in percentage terms as they ramp up but even excluding it, the remaining combined ratio has been running near 96-98. It seems they will always be running a combined above 100, if present trends continue. I really don't know the insurance industry very well, do you think there is room for the combined to drop below 100? Link to comment Share on other sites More sharing options...
giofranchi Posted September 17, 2013 Author Share Posted September 17, 2013 Interesting presentation. The one thing that concerns me is that the combined ratio is so high (107-120). They are claiming that G&A will drop in percentage terms as they ramp up but even excluding it, the remaining combined ratio has been running near 96-98. It seems they will always be running a combined above 100, if present trends continue. I really don't know the insurance industry very well, do you think there is room for the combined to drop below 100? I think insurance underwriting is much like investing: you are looking for inefficiencies to exploit. Now, let me ask you: in investing, the fact you have suffered 2 or 3 years of underperformance means that you are bound to underperform forever? It is not so, isn’t it? Imo, the same holds true with insurance underwriting: what matters is how management thinks and behaves. Are they thoughtful and disciplined? If the answer is yes, I am ready to bet CRs will fall below 100%. Otherwise, they will keep on staying above the threshold of profitable reinsurance underwriting… giofranchi Link to comment Share on other sites More sharing options...
tripleoptician Posted September 17, 2013 Share Posted September 17, 2013 Does anyone know much about the CEO John Berger and his past results? It looks like he was head of Chubb that merged with Alterra eventually. Analyzing how CR's did and loss reserving etc under his direction at these companies may give us better insight into what will happen here. I'm invested in TPOU for Dan Loeb's alpha skill and willing to pay for the management. The question here really is can they keep the cost of float low and not blow up. I think they entered into the IPO at a time where Loeb has had a few good beta-adjusted years in a row and their underwriting has looked ok (assuming G and A costs were to come down - this did occur for GLRE when it first IPO'd) I speculate this will likely shoot down at the first sign of a poor underwriting or investing quarter from selling by the investor types that jump in for recent short term outperformance. Hopefully then it would trade below book value like GLRE has and then may be worthwhile looking into further. Link to comment Share on other sites More sharing options...
accutronman Posted September 17, 2013 Share Posted September 17, 2013 Regarding John Berger, he's produced lifetime combined underwriting ratio of 91% across three organizations over 30 years spanning two full P&C cycles. This is ~1,700 bps better than the reinsurance industry average of 108%. He's been CEO of F&G Re/St. Paul, Chubb Re, and Harbor Point Re/Alterra. His operations have outperformed the reinsurance industry every year except 2012 and he failed to produce an underwriting profit just twice (2001 and 2012). Link to comment Share on other sites More sharing options...
tripleoptician Posted September 17, 2013 Share Posted September 17, 2013 Regarding John Berger, he's produced lifetime combined underwriting ratio of 91% across three organizations over 30 years spanning two full P&C cycles. This is ~1,700 bps better than the reinsurance industry average of 108%. He's been CEO of F&G Re/St. Paul, Chubb Re, and Harbor Point Re/Alterra. His operations have outperformed the reinsurance industry every year except 2012 and he failed to produce an underwriting profit just twice (2001 and 2012). Thanks accutronman, this info is very helpful. Do you have any links for this info? I skimmed the prospectus and presentations but didn't find it... Link to comment Share on other sites More sharing options...
accutronman Posted September 17, 2013 Share Posted September 17, 2013 It's from Morgan Stanley's coverage initiation report dated September 9 where they started it as OW and PT of $16.50 Link to comment Share on other sites More sharing options...
giofranchi Posted October 1, 2013 Author Share Posted October 1, 2013 Investment Results September 2013: September: +2.5% YTD 2013: +17.0% giofranchiTPRE_Investment_Results_September_2013.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted October 2, 2013 Author Share Posted October 2, 2013 September 2013 Monthly Report giofranchi2013-9_September_Monthly_Report_TPRE.pdf Link to comment Share on other sites More sharing options...
dcollon Posted October 2, 2013 Share Posted October 2, 2013 Letter to Sothebys http://www.scribd.com/doc/172735936/Third-Point-Sothebys-EX-99-3 Link to comment Share on other sites More sharing options...
dcollon Posted October 4, 2013 Share Posted October 4, 2013 http://www.bloomberg.com/news/2013-10-04/sotheby-s-adopts-shareholder-rights-plan-amid-loeb-action.html Link to comment Share on other sites More sharing options...
dcollon Posted October 4, 2013 Share Posted October 4, 2013 Third Point Addresses Sotheby’s Adoption of a Poison Pill – A Relic from the 1980’s NEW YORK--(BUSINESS WIRE)-- Third Point is disappointed that Sotheby’s (BID) Board of Directors has trotted out the poison pill – a relic from the 1980’s – as its disproportionate response to the valid concerns expressed in our October 2nd letter. Rather than address our well-documented citations of mismanagement and initiate a constructive dialogue with its largest shareholder, the Board and the CEO have attempted to further entrench themselves. Third Point’s involvement does not pose a threat to either the Company or our fellow shareholders, all of whom will benefit from our considerable efforts. It is clear that today, the Chief Executive Officer and his hand-picked directors have put their job security ahead of shareholders. Given their personal interests and miniscule shareholdings of Sotheby's, the Board’s actions – disenfranchising its owners who may wish to acquire a more significant stake – come as no surprise. We hope this will be the Ruprecht Board’s final snub to its shareholders. It would be unfortunate if they instead refuse to undertake a fresh start until one is imposed upon them during proxy season. Link to comment Share on other sites More sharing options...
giofranchi Posted October 5, 2013 Author Share Posted October 5, 2013 "Third Point Reinsurance: Tax-Efficient Structure And Superior Management" giofranchiOct42013-third-point-reinsurance.pdf Link to comment Share on other sites More sharing options...
CorpRaider Posted October 5, 2013 Share Posted October 5, 2013 Discussion with consultant regarding some reasons why these hedgies are all starting up reinsurance operations. I guess most of the companies discussed on this board are sort of in this same vein (BRK, MKL, FFH, maybe SHLD). Markel has better insurance ops than most of these newbies for sure, but gayner is sort of eh... Link to comment Share on other sites More sharing options...
CorpRaider Posted October 9, 2013 Share Posted October 9, 2013 Just caught the business week story about Mr. Watsa's acquisition of BBRY and there is a discussion of Loeb's role in the short seller litigation from FFH. I wasn't aware of that. They had some less than flattering quotes from Loeb's e-mails in the article. Not sure how I feel about that. Sort of demonstrates a lack of foresight and professionalism, to say nothing of the ethical questions. Link to comment Share on other sites More sharing options...
giofranchi Posted October 25, 2013 Author Share Posted October 25, 2013 Q3 2013 Letter giofranchiThird-Point-Q3-2013-Letter.pdf Link to comment Share on other sites More sharing options...
dcollon Posted October 25, 2013 Share Posted October 25, 2013 Thanks for posting the letter. Link to comment Share on other sites More sharing options...
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