These are frothy, giddy times at Third Point.
Daniel Loeb's flagship hedge fund gained 1.4 percent in April, pushing returns to 10.5 percent for the year, according to an investor note reviewed by Reuters.
Third Point, the $11.6 billion hedge fund run by billionaire Dan Loeb, has hired banks for an initial public offering of its reinsurer business, according to three sources familiar with the matter.
Bermuda-based Third Point Re is working with Morgan Stanley, Credit Suisse AG and JPMorgan Chase & Co on a public float that could raise around $250 million later this year, the sources said.
Loeb's Third Point eyes 2013 IPO for reinsurance arm: sources [Reuters]