Investments offset Third Point underwriting slump

Hedge fund reinsurer Third Point Re has shrugged off deteriorating
underwriting performance after a turnaround in its investment
portfolio put the carrier back in the black for the third quarter.
The Bermudian reported net income of $72.1mn for the period,
marking a drastic improvement on the $195.7mn loss it posted in the
third quarter of last year.
The shift to profitability came in spite of a 3.7 percentage
point deterioration in the reinsurer's combined ratio, which
slid to 106.5 percent....