Here's Why Third Point Reinsurance Is Soaring Today
Bermuda-based reinsurer Third Point Reinsurance (NYSE: TPRE) will be added to the S&P SmallCap 600 index on September 26, 2017, replacing food producer Sanderson Farms. Sanderson Farms is going to be added to the S&P MidCap 400 index, where it will be replacing Cabela's after the acquisition of the latter by Bass Pro Shops is completed.
As a result of the announcement, Third Point Reinsurance popped as much as 12%, and it's up more than 9% as of this writing, at 11 a.m. on the day the index-shuffling moves were announced.
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Source: Fool.com