Third Point Insurance Dedicated Fund, L.P.: Fund Rating and Research File

In brief

Third Point Insurance Dedicated Fund, L.P. at a glance

The fund relies on Section 3(c)(7) of the Investment Company Act and Rule 506(b), so its interests go only to qualified purchasers in a private offering. The adviser reports about 57 beneficial owners and none outside the United States. As an insurance-dedicated fund it is held through insurance company separate accounts, alongside the few other holders the Treasury rules allow, and a family reaches it through a policy whose insurer offers it.

Third Point LLC reports the fund in its own Form ADV of 1 May 2026, which gives the controls and service providers below.

The filing reports an annual audit by Ernst & Young LLP and that 100% of the assets were valued last year by a person not related to the adviser.

Third Point LLC reports 1 regulatory action and 1 civil proceeding in Item 11 of its Form ADV between 2015 and 2019, all concerning the adviser itself, with reported sanctions of about USD 708,991. The full record is set out below.

The rating

Why Third Point Insurance Dedicated Fund, L.P. has five stars

Every control we look for is reported: an annual audit by EY, an outside administrator in State Street (IFS), and valuation of nearly all assets by a firm outside the group. We found no weak point in its filings.

The rating looks only at the areas below, which matter to a family holding the fund through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

Fund scale and investor base

The fund's gross assets, the number of its owners and how long it has been offered.

Reporting and filings

Whether the fund and its adviser keep their SEC filings current and consistent with each other.

Fit for a life insurance policy

Whether the fund is insurance-dedicated, so that a policy can hold it, and the minimum it asks. Liquidity terms join this element as they are documented.

PPLI.comFund Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The fund at a glance

Identity, offering and service providers

Identity

Legal nameThird Point Insurance Dedicated Fund, L.P.

OrganisedDelaware limited partnership

SEC CIK0001729001 EDGAR

Private fund ID805-7737743083 ADV

Investment managerThird Point LLC IAPD

Offering, as filed on Form D

ExemptionsRule 506(b); Investment Company Act s. 3(c)(7)

First sale31 October 2017

Minimum investmentNone stated

Amount soldUSD 76.2 million to date

Investors in the offering73

Sales commissionsUSD 2,700,000

Latest filingForm D/A, 18 March 2026 Source

Size and ownership, as filed on Form ADV

Gross asset valueUSD 57,605,543 (ADV filed 1 May 2026)

Beneficial ownersAbout 57

Owned by non-US persons0%

Service providers

AuditorErnst & Young LLP

CustodianState Street Bank and Trust Company

AdministratorInternational Fund Services (n.a.) LLC

Prime brokerUBS Securities LLC

Valued by a person not related to the adviser100% of assets, last fiscal year

Figures are shown as filed, with their dates. Form D counts investors in the offering and Form ADV counts beneficial owners, so the two numbers need not match. Gross asset value counts total assets without deducting borrowings or other liabilities, so it is not a net asset value. The minimum on Form D can be nominal; the amount a family actually needs is set by the insurer and the policy.

Inside a policy

What to check before this fund goes into a policy

Why the wrapper matters here

An actively traded fund produces short-term gains and ordinary income that a direct holder pays tax on every year at the top rates. Inside a policy that meets the tax rules the trading is not a taxable event for the policyholder, which is why hedge fund strategies were among the first to be offered in insurance-dedicated form.

Liquidity

The fund's redemption terms are not in its public filings. Read them in the offering documents and set them against the way the policy will need cash: loans, withdrawals and the insurer's own rules for moving between funds.

Who chooses the investments

The policyholder can choose this fund from the insurer's menu but cannot direct what the fund buys. That line comes from the investor control rules, and it is the reason the fund exists in a separate insurance-only form.

Diversification

A policy's separate account must meet the diversification test of section 817(h). Because the fund is reached only through insurance policies, the test can look through to its assets if the fund meets the conditions of the Treasury rules; whether a given account passes is a question for the insurer, not something these filings show.

Valuation

Third Point LLC reports that all of the fund's assets were valued last year by a person not related to it, the strongest answer the form allows. Still ask who values the positions and how often.

Fees

Management and performance fees are set in the offering documents and are not shown in these filings. They come on top of the policy's own charges.

This is research, not an offer of the fund or advice to buy it. Interests in the fund are available only through an insurance company, and only to investors who qualify.

The adviser's record

Regulatory and legal record of Third Point LLC

The full list for the firm is in the manager file.

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

201928 August 2019

Civil action by United States of America: civil penalty

Fund concerned: three Third Point hedge funds. None of the insurance-dedicated funds in this file is named.

Three Funds controlled by third point acquired the voting Securities of DOW Inc. prior to its merger with E.I. du Pont de Nemours & Company. In connection with the acquisition of the DOW shares, the three Funds made the required hsr filings. Once the merger was finalized on August 31, 2017, the DOW shares converted to shares of the newly formed DowDuPont Inc. according to the ftc's position, as a result of that conversion, the third point Funds were required to make another hsr filing for the shares of the newly formed Company. The three third point Funds made corrective filings with the Federal antitrust authorities on nov. 8, 2017, and the waiting period for those corrective filings ...

United States of America · Judgment Rendered 10 December 2019 · USD 609,810 · Concerns the adviser itself · Form ADV, Item 11 disclosure

201516 January 2015

Regulatory action by Hellenic Capital Market Commission: civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

Following an audit performed by the Hellenic Capital Markets Commission ("HCMC") on certain transactions in certain shares of a publicly-listed equity on the Athens Exchange (the "shares") during the period May 2, 2014, through May 9, 2014, the HCMC issued a decision against tp lux HoldCo SARL (an affiliate of third point LLC) ("lux HoldCo"), imposing a fine on lux HoldCo on the basis that it sold shares in breach of Article 12 (1.b) of EU Regulation 236/2012 on short selling and of recital 8 and Article 5 (1.e) of EU Regulation 827/2012 (the "regulations") because, at the time that lux HoldCo sold such shares, the Board of directors of the Athens Exchange had not yet ruled on the approval ...

Hellenic Capital Market Commission · Order 19 November 2018 · USD 99,181 · Concerns the adviser itself · Form ADV, Item 11 disclosure

These are the matters Third Point LLC reports in Item 11 of its Form ADV, filed 1 May 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com about this fund. None of them concerns the fund's investments.

Reader rating

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Third Point Insurance Dedicated Fund, L.P.