(Bloomberg) — Third Point Reinsurance Ltd., which counts Dan Loeb as a founder, said it's more than just a hedge fund investing vehicle as the Internal Revenue Service weighs tightening regulation for offshore companies.
"Anyone that spent a day in our office would clearly see that we're a real insurance company," Chris Coleman, the chief financial officer, said at a conference Thursday in Boston.
Hedge fund managers like Loeb and John Paulson have pushed into the Bermuda reinsurance market to access additional capital for investing while gaining tax advantages. The IRS is weighing whether to impose minimum standards for reserves or premiums to distinguish the companies that rely most on underwriting from those that depend more on investing.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
