Investments help offset underwriting loss at Third Point Re

Third Point Re reported a significant increase in second quarter
net profits but fell to an underwriting loss because of adverse
development on auto, workers compensation and Florida homeowners
business.
The Bermudian generated net profit of $53.4mn, up from $15.7mn
in the prior-year period, as investment income jumped from $38.6mn
to $86.3mn.
The company's Third Point LLC-management investment
portfolio generated a 4.0 percent return in the second quarter and
a further 2.6 percent in July, taki