Loeb’s Reinsurer With No U.S. Staff Gains From Jobs Act

I’m not sure whether or not this makes much of a difference on the business/valuation front, but it is interesting nonetheless.

Billionaire hedge-fund manager Daniel Loeb’s Third Point Reinsurance Ltd., which has no staff in the U.S., said it can limit financial disclosure after a public offering because of rules promoting domestic job creation.

Third Point Re is an “emerging growth company” under the Jumpstart Our Business Startups -- or JOBS -- Act, according to filings for the planned initial public offering. Under the act, companies with less than $1 billion in annual revenue can qualify, allowing reduced disclosure about executive pay and waiving requirements for auditors to attest to a company’s financial controls.

President Barack Obama has said the JOBS Act, which became law last year, would make it easier for companies to raise money, leading to employment growth. Bermuda-based Third Point Re shows how the benefits aren’t exclusive to companies adding U.S. jobs, said Barry Ritholtz, chief executive officer of FusionIQ, the provider of equity-analysis software.

“This was all about small companies and startups, not wealthy hedge-fund managers,” Ritholtz said in a telephone interview. “Was this anticipated by the JOBS Act? Well, not if you paid attention to the rhetoric we heard.”