Third Point Re chief executive departs

Successor will eventually face off against outsiders

Third Point Re chief executive departs

Insurance News

By Terry Gangcuangco

J. Robert Bredahl has resigned as chief executive of Third Point Reinsurance Ltd.

Third Point Re or TPRE, which bounced back to a net income of US$132.9 million in the first quarter of 2019 following a US$26 million loss in the same period last year, announced that its board of directors has accepted Bredahl’s resignation without providing further details behind the departure.

The former boss, meanwhile, had this to say: “I am proud to have served at TPRE since its founding seven years ago and to have been part of the great progress we’ve made in building it into an innovative company with a team that is second-to-none.”

Named as his successor, effective May 10, is Daniel Malloy – who most recently served as CEO of the Bermuda-headquartered group’s main operating subsidiary, Third Point Reinsurance Company Ltd. Malloy, however, will eventually be pitted against outsiders.           

“As part of a long-term succession planning process, the board of directors intends to evaluate the company’s leadership and seeks to identify one or more external candidates who, along with Mr Malloy, will be considered as permanent CEO going forward,” noted the specialty property and casualty reinsurer, which also has offices in the UK and the US.

Prior to joining Third Point Re when it came to life in 2012, Malloy worked at the likes of Aon Benfield, Stockton Reinsurance Ltd, and Centre Re Bermuda. The seasoned executive, who is excited to serve in his new capacity, brings more than 38 years of reinsurance experience to the position.

“After many years of working with Dan, we are thrilled that he is taking on this new role,” commented board chairman Joshua L. Targoff. “A proven leader with a strong track record of success and deep expertise across all aspects of the business, he is exceptionally well qualified to take the company to its next phase of development and growth.

“On behalf of the board of directors, I would like to thank Rob for his leadership at TPRE. During his time as CEO, TPRE has taken important steps to improve its underwriting profitability, added key talent to its underwriting team, and begun to diversify its business mix. Rob leaves the company with a strong balance sheet and well positioned to capitalise on new opportunities.”

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