Recently formed reinsurer Third Point Reinsurance Company, which launched with the backing of New York based hedge fund Third Point LLC and raised over $750m of capital as we wrote here, has announced two senior appointments both of whom have left reinsurance broker Aon Benfield to work for the startup Bermuda reinsurer.
The two senior hires are Rob Bredahl who joins Third Point Re as Chief Financial Officer and Chief Operating Officer, and Dan Malloy who will fill the role of Executive Vice-President, Underwriting.
Rob Bredahl was CEO of Aon Benfield Securities, the brokers investment banking arm which is responsible for structuring many catastrophe bonds and insurance-linked securities. Mr. Bredahl was also on Aon Benfield’s global management committee and joined Aon when they bought Benfield PLC.
Dan Molloy joins Third Point Re from his most recent role of Co-Head of the Specialty Practice Groups at Aon Benfield, the team who originated, structured and placed highly customised reinsurance treaties. Many of the lines and types of reinsurance structures that Mr. Molloy was involved in are the areas that Third Point Re will be targeting.
John Berger, Chairman and CEO of Third Point Reinsurance, said “I am thrilled that Dan and Rob will be joining Third Point Re. I have known both for many years and believe we are fortunate to have executives of their stature join our company. I have worked with both across the table on several transactions and now look forward to working on the same team.”
Interestingly Aon Benfield Securities was the lead banker and advisor on the formation of Third Point Re and was also said to have taken a small equity stake in the reinsurer.