Third Point Re’s Q4 CR hits 123% on $37.2mn of reserve development

Ahead of its merger with Sirius later this week, Third Point Re has reported a worsening of its fourth quarter combined ratio to 123 percent, with the Bermudian reinsurer hit by $37.2mn of reserve development, $11.6mn of Covid-19 losses and $7.0mn of catastrophe losses in the quarter.