David Govrin, previously of Berkshire Hathaway and formerly a founder of a capital markets focused intermediary, has joined Third Point Reinsurance (USA) Ltd. as its executive vice president in charge of underwriting.
Hedge fund backed reinsurance firm Third Point Re announced the hire yesterday, adding a respected executive with a history in U.S. reinsurance and also convergence markets to its roster of hires.
Govrin joins Third Point Re from Berkshire Hathaway’s Reinsurance Group, where he spent seven years as a member of the underwriting team working for Ajit Jain.
Third Point Re, which is backed by hedge fund manager Daniel Loeb and has its assets managed by its Third Point LLC hedge fund as it seeks to generate a total return across both assets and underwriting, made Govrin the Executive Vice President, Underwriting for its U.S. subsidiary Third Point Reinsurance (USA) Ltd., effective April 10th 2017.
Prior to his time at Berkshire Hathaway, Govrin had a career which featured working at the intersection of reinsurance and capital markets.
He spent a lof of his 25 year career in senior executive roles at Goldman Sachs and reinsurance broker Guy Carpenter, before moving on to found a convergence sector intermediary, Sierra Re Advisors LLC, which looked to transact insurance risk with capital market investors. After that he founded and raised $190 million for an insurance private equity fund, Hudson Insurance Capital Partners.
With a varied background Govrin brings interesting capital markets and convergence capabilities to Third Point Re. The reinsurer used to operate a catastrophe fund, but ran it off as cat reinsurance pricing declined. Whether it has any plans to re-enter the collateralized space is uncertain, but on the retrocession side it likely utilises the capital markets at times.
Robert Bredahl, President and Chief Executive Officer of Third Point Re, commented on Govrin’s hire; “I am extremely pleased to have David joining the Company. His extensive experience and relationships across the insurance and reinsurance industries will be a tremendous asset as we continue to execute our strategy of scaling our U.S. underwriting platform.”
Govrin said; “This is an exciting time to be joining the Company given the opportunity that lies ahead. I have great respect for the Third Point Re team and look forward to helping them continue to build their presence in the United States.”