Third Point Re's first managed cat fund will include a "significant" investment from Hiscox and write a quota share of the London-listed (re)insurer's cat exposure.
As previously reported, hedge fund-backed Third Point Re is looking to build a platform to write cat risk off its main balance sheet.
And in a joint statement with Hiscox, the start-up revealed an "initial agreement in principle" under which the Lloyd's (re)insurer will become a shareholder in recently established cat fund manager Third Point...
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