Dan Loeb bets on future Geico of Greece

Dan Loeb, founder and chief executive officer of Third Point.
Amanda Gordon | Bloomberg | Getty Images

Warren Buffett has Geico, and now Dan Loeb has Hellas Direct.

It was announced this week that the billionaire hedge fund manager bought a 20 percent stake in the start-up online insurance company, another move to make money in Greece amid political turmoil that has been the talk of the market.

The exact amount of Loeb's investment, through the Third Point Hellenic Recovery Fund, wasn't disclosed. But it is tiny: The company has raised 17 million euros ($19 million) overall since the business was launched in 2012 by two former Goldman Sachs employees.

Despite Hellas Direct's small size, it already has an impressive group of angel investors. They include Trifon Natsis, co-founder of prominent hedge fund firm Brevan Howard; private equity veteran Jon Moulton; and former Goldman Sachs economist Jim O'Neill.

The Third Point investment this week came along with money from Linda Rottenberg's Endeavor Catalyst, a nonprofit that backs promising entrepreneurs. Loeb is the largest shareholder; Moulton is second at about 17 percent.