Third Point Re – Less Hedge Fund Investing, More Catastrophe Underwriting (Artemis.bm) Bermuda headquartered, hedge fund backed reinsurance firm Third Point Re is pivoting further away from the longer-tailed underwriting, more active investment approach of its original strategy, as it embraces catastrophe risk once again. As one of the main proponents of the total return or hedge fund reinsurance strategy, Third Point Re has seen its results fluctuate, as the underwriting side struggled to get to a sub-100 combined ratio and the investment side swung wildly from losses to higher returns. The strategy has always been a volatile one, with the kind of large bets made on the hedge fund investing side by Third Point LLC’s Daniel Loeb leaving the reinsurer in a volatile position where its results could be wiped out by one negative quarter.