(Bloomberg) — Third Point Reinsurance Ltd., the Bermuda-based company co-founded by hedge-fund manager Dan Loeb, has picked Short Hills, N.J., as the location for a new U.S. subsidiary.
Shane Haverstick, senior vice president of operations, said he's moving to the new office from Bermuda with Tony Urban, an executive vice president of underwriting. The property is at 51 John F. Kennedy Parkway, where David Tepper's hedge-fund firm Appaloosa Management occupies space on a separate floor, according to regulatory filings.
The reinsurer last year hired Tom Wafer and Jonathan Norton, two former Alterra Capital Holdings Ltd. executives, to lead a push in the U.S. and said the company was looking to open an office in the country. Third Point Re is among reinsurers pressured by increased competition as investors including hedge funds crowd into the business of providing backup coverage for primary carriers.
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