Third Point Re provides a presentation summarizing their business. They operate in property and casualty reinsurance, have an A- rating from AM Best, and work with investment manager Third Point LLC. Since starting in 2012, they have achieved a 13.0% return on equity in 2012 and 11.6% return through the first half of 2013. Their total return business model aims to perform well across market cycles by combining reinsurance underwriting profits with superior investment returns from Third Point LLC.
Medalist Diversified REIT (NASDAQ: MDRR) is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the southeast for acquisition opportunities and disposal of properties as considered appropriate. Visit MDRRinfo.com to learn more.
Fundamental of Corporate Finance, chapter 1Yin Sokheng
The objective of the course is to provide an understanding of both the theory of corporate finance fundamentals and how it applies to the “real” world. The main focus of this course is on the corporate financial manger and how he/she reaches decisions. We will cover many issues that are important to a modern financial manager including various advance topics in corporate finance fundamentals such as the essential concepts and understanding of the uses of financial statements and cash flows, ratio analysis, financial planning and growth, time value of money, bonds and stocks valuation, and project valuation.
Retirement Presentation For Small Businessguest4a21e5
Prepare for your future today with the right type of tax advantage savings plans. offer your employees the benefit of a retirement plan. Learn from this presentation what you can do today to make a bettewr tomorrow.
Corporate finance is an area of finance dealing with financial decisions business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize corporate value while managing the firm's financial risks. Although it is in principle different from managerial finance which studies the financial decisions of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms.
Medalist Diversified REIT (NASDAQ: MDRR) is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the southeast for acquisition opportunities and disposal of properties as considered appropriate. Visit MDRRinfo.com to learn more.
Fundamental of Corporate Finance, chapter 1Yin Sokheng
The objective of the course is to provide an understanding of both the theory of corporate finance fundamentals and how it applies to the “real” world. The main focus of this course is on the corporate financial manger and how he/she reaches decisions. We will cover many issues that are important to a modern financial manager including various advance topics in corporate finance fundamentals such as the essential concepts and understanding of the uses of financial statements and cash flows, ratio analysis, financial planning and growth, time value of money, bonds and stocks valuation, and project valuation.
Retirement Presentation For Small Businessguest4a21e5
Prepare for your future today with the right type of tax advantage savings plans. offer your employees the benefit of a retirement plan. Learn from this presentation what you can do today to make a bettewr tomorrow.
Corporate finance is an area of finance dealing with financial decisions business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize corporate value while managing the firm's financial risks. Although it is in principle different from managerial finance which studies the financial decisions of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms.
Medalist Diversified REIT (NASDAQ: MDRR) is a public Virginia-based Real Estate Investment Trust specializing in acquiring, owning and managing value-add commercial real estate in the Southeast. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the Southeast for acquisition opportunities and disposal of properties as considered appropriate. Learn more at MDRRinfo.com.
Medalist Diversified REIT (NASDAQ: MDRR) was founded in 2015 as a real estate investment trust (REIT) specializing in acquiring, owning, and managing commercial real estate in the Southeast. The Company’s strategy is to focus on opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent, and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management and leasing while monitoring the middle market real estate markets in the Southeast for acquisition opportunities and disposal of properties as considered appropriate.
Medalist Diversified REIT (NASDAQ: MDRR) was founded in 2003 as a private equity company specializing in acquiring, owning, and managing commercial real estate in the Southeast. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent, and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the Southeast for acquisition opportunities and disposal of properties as considered appropriate.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
1. Chesney House, 96 Pitts Bay Road | Pembroke, HM08, Bermuda | www.thirdpointre.bm
Investor Presentation
September 2013
2. Forward‐Looking Statements and Non‐GAAP Measures
1
This presentation contains “forward-looking statements” that are based on management’s beliefs and assumptions and on information currently available to
management. Most forward-looking statements contain words that identify them as forward-looking, such as “anticipates,” “believes,” “continues,” “could,” “seeks,”
“estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms
that relate to future events. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or
achievements of Third Point Reinsurance Ltd. (“Third Point Re”) to be materially different from any projected results, performance or achievements expressed or implied
by the forward-looking statements. Forward-looking statements represent the beliefs and assumptions of Third Point Re only as of the date of this presentation and Third
Point Re undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
As such, Third Point Re’s future results may vary from any expectations or goals expressed in, or implied by, the forward-looking statements included in this presentation,
possibly to a material degree.
Third Point Re cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any long-term financial or
operational goals and targets will be realized. For a discussion of some of the important factors that could cause Third Point Re’s results to differ materially from those
expressed in, or implied by, the forward-looking statements included in this presentation, investors should read the Risk Factors set forth in the registration statement on
file with the SEC related to our initial public offering completely and with the understanding that our actual future results may be materially different from what we
expect. Any forward‐looking statements made by us in this presentation speak only as of the date of this presentation. We undertake no obligation to publicly update any
forward‐ looking statement, whether as a result of new information, future developments or otherwise.
Note to Certain Operating and Financial Data
In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), Third Point Re also discloses in
this presentation certain non-GAAP financial information, including return on beginning shareholders’ equity, insurance float, book value per share, diluted book value per
share and growth in diluted book value per share. These financial measures are not recognized measures under GAAP and are not intended to be, and should not be
considered, in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Please see the definition and
reconciliation to GAAP financials at the end of this presentation for further detail. In addition, this presentation contains various metrics and operating information that
are based on internal company data. While management believes such information and data are reliable, they have not been verified by an independent source and there
are inherent challenges and limitations involved in compiling data across various sources.
This presentation includes certain non‐GAAP financial measures. See pages 17 and 18 for a definition of such non‐GAAP measures and a reconciliation of those measures
to the most directly comparable GAAP measures.
3. Third Point Re: A Differentiated Equity Story
2
Key Facts and Figures:
Business • Specialty property and casualty reinsurance
Reinsurance Subsidiary
• Class 4 Bermuda-domiciled reinsurer
• A- financial strength rating from A.M. Best
• Commenced underwriting on January 1, 2012, after a $784 million private capital raise
Investment Manager
• Third Point LLC, an SEC-registered investment manager, manages Third Point Re’s
investment portfolio under a long-term investment management agreement
• Daniel S. Loeb, founder of Third Point LLC, and related personal investment vehicles
provided 10.8% of founding capital ($85 million) in Third Point Re
Profitable reinsurance underwriting with superior investment
management drives opportunity for equity returns
Return on Beginning
Shareholders Equity*
• Year end 2012: 13.0%
• YTD through 6/30/13: 11.6%1
•Non-GAAP measure; please see descriptions and reconciliations on slides 17 and 18.
•1 Not annualized.
4. Investment Highlights
3
Total return business
model
Potential to perform in all
market cycles
Attractive
financial profile
Successful first 18 months
of operations:
2012: $190mm in GWP;
13.0% ROE*;
1H2013: $194mm in GWP;
11.6% ROE*
Best-in-class
investment manager
21.0% net annualized
returns since inception
1,2,3
Aligned investor
sponsorship
With reinsurance
investment experience
Deeply experienced
and credentialed
management team
Disciplined and
opportunistic underwriting
approach
Profitable reinsurance
underwriting with superior
investment management
designed to deliver
attractive equity returns
over time
* Non-GAAP measure; please see descriptions and reconciliations on slides 21 and 22; 1 From formation of Third Point Partners L.P., Third Point LLC’s oldest fund, in June 1995 through December 31, 2012; 2 Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal; 3 The
historical performance of Third Point Partners L.P. (i) for the years 2001 through December 31, 2012 reflects the total return after incentive allocation for each such year as included in the audited statement of financial condition of Third Point Partners L.P. for those years and (ii) for the years 1995 through 2000 reflects the total return after
incentive allocation for each such year as reported by Third Point Partners L.P. Total return after incentive allocation for the years 2001 through December 31, 2012 is based on the net asset value for all limited partners of Third Point Partners L.P. taken as a whole, some of whom pay no incentive allocation or management fees, whereas total
return after incentive allocation for the years 1995 through 2000 is based on the net asset value for only those limited partners of Third Point Partners L.P. that paid incentive allocation and management fees. In each case, results are presented net of management fees, brokerage commissions, administrative expenses, and accrued
performance allocation, if any, and include the reinvestment of all dividends, interest, and capital gains.
5. Total Return Business Model Offers Upside In Varying Markets
4
Dynamic Business Model
Reinsurance:
World-class underwriting team
Investment Portfolio:
World-class investment manager
“Hard”
Reinsurance
Market
Robust
underwriting
margin
Superior
investment
returns
Asset leverage
Potential for attractive ROEs across
underwriting cycles
“Soft”
Reinsurance
Market
Modest
underwriting
margin
Superior
investment
returns
Asset leverage
6. Deeply Experienced and Highly Credentialed Management Team
5
John Berger
Chairman & CEO
• CEO, Reinsurance, Vice Chairman of the Board, Alterra Capital Holdings Limited
• CEO & President, Harbor Point Re Limited (Chubb Re spin-out)
• CEO & President, Chubb Re, Inc.
• President, F&G Re
Michael McKnight,
Chief Actuary &
Chief Risk Officer
• Chief Actuary of Reinsurance, Alterra Capital Holdings Limited
• Managing Director & Chief Underwriting Officer, Gerling Global International Reinsurance Co. Ltd.
• Consulting Actuary and Profit Center Manager, Milliman, USA
Manoj Gupta
SVP, Underwriting
• Lead Portfolio Manager, Catastrophe Reinsurance, Goldman Sachs Asset Management
• Leader of Alternative Capacity and Credit Risk Solutions, Benfield
Tonya Marshall
EVP, General
Counsel & Secretary
• General Counsel & Board Secretary, The Bank of N.T. Butterfield & Son Limited
• Associate Attorney, Conyers Dill & Pearman
CEO
Experience
Robert Bredahl
CFO & COO
• CEO, Aon Benfield Securities
• President, Aon Benfield Americas
• CEO, Benfield U.S. Inc. & CEO, Benfield Advisory
• Board Member, Benfield Group PLC
Tony Urban
EVP, Underwriting
• President & CEO, JRG Reinsurance Company, Ltd.
• Chief Underwriting Officer & Head of Reinsurance Operations, Endurance Reinsurance
Corporation of America
• Executive Vice President & Chief Underwriting Officer, AXA Corporate Solutions Reinsurance
Company
Dan Malloy
EVP, Underwriting
• Executive VP, Co Head of Specialty Lines, Aon Benfield
• President & CEO, Stockton Reinsurance Ltd.
• President, Center Re Bermuda
7. Disciplined and Opportunistic Reinsurance Strategy
6
• Reinsurance strategy
– Identify profitable reinsurance opportunities that generate stable underwriting profits
– Target sub-sectors and specific situations where capacity and alternatives may be constrained
– Flexibility to adjust level of volatility according to market conditions and expected margins
– Current focus on quota share contracts
• Third Point Re’s approach is to position itself for the expected improvement in P&C pricing over the
medium term
– Management has a track record of entering new lines of business to capitalize on market opportunities
and produce strong underwriting results
– Strong management relationships provide access to attractive underwriting opportunities
• Asset leverage is expected to grow over time and help drive ROE
– The Company expects to capture net investment income generated by float* primarily from the time-lag
between receipt of premiums and payment of claims
Disciplined and
Opportunistic
Underwriting
Positive
Asset Leverage
(i.e. Float)*
Reinsurance
Operations
Contribution to ROE
Generating ROE from underwriting and positive asset leverage
* Non-GAAP measure; please see descriptions and reconciliations on slides 17 and 18.
8. Strong Relationships with Diverse and Leading Reinsurance Brokers
7
Aon Benfield
28%
Guy Carpenter
21%
Advocate RP
4%
Towers Watson
4% Willis Re
8%
All others
(44 brokers)
35%
Submissions Key Success Factors
Multiple sources of submissions
Access to desired types of business
Long-standing relationships
Submissions by broker (January 2012 – June 2013):
322 submissions, 18 bound reinsurance contracts
9. Property
35%
Casualty
39%
Specialty
26%
Growing and Diversified Reinsurance Portfolio
8
Strong Premium Growth ($ millions) Portfolio Construction
Expertise in writing all lines of property, casualty
and specialty reinsurance
Generate stable underwriting results over time
Provide reinsurance where capacity/alternatives
may be limited
Level of reinsurance portfolio volatility will be
driven by market conditions
Limited catastrophe exposure
1 Excludes catastrophe fund premiums.
$190.4
$120.8
$194.2
FY 2012 1H 2012 1H 2013
GWP: $377.9 million¹
Business Mix – Inception Through 6/30/13
10. Third Point Re’s Relationship With Third Point LLC
9
• Third Point LLC manages virtually all of Third Point Re’s investable assets
• Exclusive relationship for an initial contractual term through 2016, followed by successive
three-year terms on renewal
– The company pays a standard 2% management fee and 20% performance allocation
– Performance allocation is subject to a standard high water mark, loss carry-forward provision
• Third Point Re investments are held in a separate account and managed by Third Point LLC
on substantially the same basis as its main hedge funds
– The account is subject to certain additional investment guidelines and parameters not employed
by the main funds (i.e. limitations on exposure, increased liquidity, etc.)
• Third Point Re has full ownership of and access to the investment portfolio to provide
liquidity to pay claims and expenses
Third Point LLC manages Third Point Re’s assets under a long-term
investment management agreement
11. Best‐in‐Class Investment Management
10
21% net annualized returns since inception
in 19955
Third Point LLC owned and led by Daniel S.
Loeb
Risk-adjusted returns driven by superior
security selection and lower volatility
66 employees including 25 investment
professionals6
Significant focus on risk management
¹ For Third Point Partners L.P. after fees, expenses and incentive allocation; ² Past performance is not necessarily indicative of future results; all investments involve risk including the loss of principal; ³ The historical performance of Third Point Partners L.P. (i) for the years 2001 through June 30, 2013 reflects the total return after incentive allocation for each such year as included in the audited statement of financial condition of Third Point Partners L.P. for those years and (ii) for the years 1995 through 2000 reflects
the total return after incentive allocation for each such year as reported by Third Point Partners L.P. Total return after incentive allocation for the years 2001 through June 30, 2013 is based on the net asset value for all limited partners of Third Point Partners L.P. taken as a whole, some of whom pay no incentive allocation or management fees, whereas total return after incentive allocation for the years 1995 through 2000 is based on the net asset value for only those limited partners of Third Point Partners L.P. that
paid incentive allocation and management fees. In each case, results are presented net of management fees, brokerage commissions, administrative expenses, and accrued performance allocation, if any, and include the reinvestment of all dividends, interest, and capital gains; 4 The illustrative return is calculated as a theoretical investment of $1,000 in Third Point Partners, L.P. at inception relative to the same theoretical investment in two hedge fund indices designed to track performance of certain “event-driven”
hedge funds over the same period of time. All references to the Dow Jones Credit Suisse HFI Event Driven Index (“DJ-CS HFI”) and HFRI Event-Driven Total Index (“HFRI”) reflect performance calculated through June 30, 2013. The DJ-CS HFI is an asset-weighted index and includes only funds, as opposed to separate accounts. The DJ-CS HFI uses the Dow Jones Credit Suisse database and consists only of event driven funds deemed to be “event-driven” by the index and that have a minimum of $50 million in
assets under management, a minimum of a 12-month track record, and audited financial statements. The HFRI consists only of event driven funds with a minimum of $50 million in assets under management or a minimum of a 12-month track record. Both indices state that returns are reported net of all fees and expenses. Please see the glossary included in the prospectus beginning on page G-1 for a description of how these indices are calculated. While Third Point Partners L.P. has been compared here with the
performance of well-known and widelyrecognized indices, the indices have not been selected to represent an appropriate benchmark for Third Point Partners L.P., whose holdings, performance and volatility may differ significantlyfrom the securities that comprise the indices; 5 From formation of Third Point Partners L.P. in June 1995 through December31, 2012; 6 As of 6/30/13.
Illustrative Net Return1
Since Inception2,3,4
Third Point LLC Overview
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jun-13
Jun-12
Jun-11
Jun-10
Jun-09
Jun-08
Jun-07
Jun-06
Jun-05
Jun-04
Jun-03
Jun-02
Jun-01
Jun-00
Jun-99
Jun-98
Jun-97
Jun-96
Jun-95
Third Point Partners L.P. S&P 500
HFRI DJ-CS HFI
12. Investment Management Strategy
11
• Investment philosophy
– Value-oriented, event-driven approach to single security selection supplemented by a top-down
view of portfolio construction and risk management
– Value unlocked by discrete events or “catalysts”
– Single portfolio composed of diversified investments
• Investment process
– Fundamental, bottom-up analysis using proprietary framework
– Tactical considerations of entry points, position sizing and hedging
• Investment areas of focus:
Jan-08 Feb-09 Mar-10 Apr-11 May-12 Jun-13
Long / Short Equity
Credit
Macro
ABS
Arb Other
13. Attractive Financial Profile
12
Strong Balance
Sheet
• No debt
• Low premium leverage
• Liquid investment portfolio – 97% of investments within FAS 157 Liquidity
Levels 1 and 2
Earnings
Transparency/
Stability
• Net investment income drops to the bottom line and is a key driver of
profitability
• Limited legacy reserves mitigate risk of adverse reserve development
• Catastrophe exposure largely limited to Third Point Re’s $50 million investment
in our Cat Fund
ROE Expansion
Potential
• Potential to expand ROE due to increasing asset leverage and a potentially
improving reinsurance market
14. Rigorous Risk Management
13
• Carefully defined risk appetite and controls
• Quarterly reporting to the Board of Directors
• Comprehensive internal capital model
Underwriting Investment Management
• Rigorous procedures
• Lead underwriter on
most transactions
• Robust controls
• Real time access to
reports
• Bi-annual operational
review by independent
investment advisory firm
• Close partnership with
Third Point LLC risk
management team
15. Key Financial Highlights
14
3 months
ended 6/30/13
6 months
ended 6/30/13
Year ended
12/31/12
Gross premiums written $98,215 $194,235 $190,374
Gross premiums ceded 0 (9,975) 0
Net premiums earned 62,287 95,828 96,481
Net investment income 32,067 112,758 136,422
Total revenues $94,354 $208,586 $232,903
Loss and loss adjustment expenses incurred, net 45,692 64,330 80,306
Acquisition costs, net 14,921 27,994 24,604
General and administrative expenses 7,217 14,225 27,376
Total expenses $67,830 $106,549 $132,286
Income (loss) including non-controlling interests 26,524 102,037 100,617
(Income) attributable to non-controlling interests (301) (1,384) (1,216)
Net income (loss) $26,223 $100,653 $99,401
3 months
ended 6/30/13
6 months
ended 6/30/13
Year ended
12/31/12
Loss ratio2 73.7% 68.0% 83.2%
Acquisition cost ratio3 24.1% 29.6% 25.5%
General and administrative expense ratio4 7.7% 10.1% 21.0%
Combined ratio5 105.5% 107.7% 129.7%
Net investment return6 3.2% 12.2% 17.7%
Consolidated Income Statement ($000s)
Selected Income Statement Ratios¹
• Generated $190 million of gross
premium in first year of operation
• Gross premium increased by
61% to $194 million in 1H2013
vs. 1H2012
• YTD combined ratio dropped to
105.5% in Q2 2013 as earned
premium grew relative to general
and administrative expenses
• Strong investment returns from
investments managed by Third
Point LLC of 17.7% in 2012 and
12.2% in 1H2013
• July 2013 investment income
from investments managed by
Third Point LLC was a 2.6%
return for the month
Highlights
1 Underwriting ratios are for the property and casualty reinsurance segment only; 2 Loss ratio is calculated by dividing loss and loss adjustment expenses incurred, net, by net premiums earned; 3 Acquisition cost ratio is calculated by dividing acquisition costs, net by net premiums
earned; 4 General and administrative expense ratio is calculated by dividing general and administrative expenses related to underwriting activities by net premiums earned; 5 Combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, net, acquisition
costs, net and general and administrative expenses related to underwriting activities by net premiums earned; 6 Net investment return represents the return on our investments managed by Third Point LLC, net of fees.
16. Key Financial Highlights (Cont’d)
15
As of 6/30/13 As of 12/31/12
Total assets $1,606,495 $1,402,017
Total liabilities 581,634 473,696
Total shareholders’ equity $1,024,861 $928,321
Non-controlling interests (52,196) (59,777)
Shareholders' equity attributable to shareholders $972,665 $868,544
6 months ended
6/30/131
Year ended
12/31/12
Diluted book value per share* $12.07 $10.89
Growth in diluted book value per share* 10.9% 11.9%
Return on beginning shareholders’ equity* 11.6% 13.0%
Selected Balance Sheet Data ($000s)
Selected Balance Sheet Metrics
* Non-GAAP measure; please see descriptions and reconciliations on slides 17 and 18.
1 Not annualized.
As of 7/31/13 As of 6/30/13 As of 12/31/12
Total investments managed by Third Point LLC $1,130,038 $1,034,726 $925,453
Investments ($000s)
17. Investment Highlights
16
Total return business
model
Attractive
financial profile
Best-in-class
investment manager
Aligned investor
sponsorship
Deeply experienced
and credentialed
management team
Profitable reinsurance
underwriting with superior
investment management
designed to deliver
attractive equity returns
over time
18. Non‐GAAP Measures
17
Book value per share
Book value per share as used by our management is a non-GAAP measure, as it is calculated after deducting the impact of non-
controlling interests. Diluted book value per share is also a non-GAAP measure and represents book value per share combined with the
impact from dilution of all in-the-money share options issued, warrants and unvested restricted shares outstanding as of any period end.
We believe that long-term growth in diluted book value per share is the most important measure of our financial performance because it
allows our management and investors to track over time the value created by the retention of earnings. In addition, we believe this metric
is used by investors because it provides a basis for comparison with other companies in our industry that also report a similar measure.
The following table sets forth the computation of basic and diluted book value per share as of June 30, 2013 and December 31, 2012:
As of 6/30/13 As of 12/31/12
Basic and diluted book value per share numerator:
Total shareholders’ equity 1,024,861 $928,321
Less: Non-controlling interests 52,196 59,777
Shareholders’ equity attributable to shareholders $972,665 $868,544
Effect of dilutive warrants issued to founders and an advisor 36,480 36,480
Effect of dilutive stock options issued to directors and employees 52,090 51,670
Diluted book value per share numerator $1,061,235 $956,694
Basic and diluted book value per share denominator:
Issued and outstanding shares 78,432,132 78,432,132
Effect of dilutive warrants issued to founders and an advisor 3,648,006 3,648,006
Effect of dilutive stock options issued to directors and employees 5,194,404 5,167,045
Effect of dilutive restricted shares issued to employees 624,300 619,300
Diluted book value per share numerator 87,898,842 87,866,483
Basic book value per share $12.40 $11.07
Diluted book value per share $12.07 $10.89
($000s, Except Share and Per Share Amounts)
19. Non‐GAAP Measures (Cont’d)
18
Growth in diluted book value per share
Calculated by taking the change in diluted book value per share divided by the beginning of period diluted book value per share.
Return on beginning shareholders’ equity
Calculated by dividing net income by the beginning of year shareholders’ equity attributable to shareholders and is a commonly used
calculation to measure profitability. For purposes of this calculation, we add back the impact of subscriptions receivable to shareholders’
equity attributable to shareholders as of December 31, 2011. Management believes this adjustment more fairly presents the return on
equity over the period.
Insurance float
In an insurance or reinsurance operation, float arises because premiums and proceeds associated with deposit accounted reinsurance
contracts are collected before losses are paid. In some instances, the interval between premium receipts and loss payments can extend
over many years. During this time interval, insurance and reinsurance companies invest the premiums received and generate investment
returns. Although float can be calculated using numbers determined under U.S. GAAP, float is a non-GAAP financial measure and,
therefore, there is no comparable U.S. GAAP measure.