UPDATE: Bank of America Initiates Coverage on Third Point Reinsurance on Positive Factors

In a report published Monday, Bank of America analyst Jay A. Cohen initiated coverage on Third Point Reinsurance Ltd. TPRE with a Buy rating and $17.00 price target. In the report, Bank of America noted, “We believe Third Point's above average investment returns coupled with a focus on less volatile, lower return classes of reinsurance will lead to superior returns as compared with traditional reinsurance companies. On the underwriting side, management has extensive industry experience and a good underwriting track record and Third Point LLC has an enviable long-term track record of generating above-average returns.” Third Point Reinsurance Ltd. closed on Friday at $12.88.