Bermuda-based hedge fund strategy reinsurer Third Point Re has hired experienced executives Thomas Wafer and Jonathan Norton to help it establish and manage a new reinsurance subsidiary with an office in the United States.
Third Point Re has been considering setting up a U.S. reinsurance subsidiary for a while. Earlier this year Third Point Re’s Chief Executive Officer John Berger said that the reinsurer was considering capitalising a U.S. company or setting up a Bermuda entity which can pay U.S. tax and to allow Third Point Re to set up a U.S. office and its staff to travel more freely there.
Now the direction appears to have been set and Third Point Re announced today that it has hired two experienced executives to help it as it looks to get set up in the U.S. as a reinsurer.
“Third Point Re intends to form a new reinsurance subsidiary with an office in the United States in order to originate incremental reinsurance business, better serve its U.S. insurance company clients and further cultivate reinsurance broker relationships,” according to the announcement.
Thomas Wafer and Jonathan Norton, two executives with a history of working with Berger at other companies, have now been hired to help establish and manage Third Point Re’s U.S. operations and ambitions.
John Berger commented on the hires; “Tom, Jonathan and I worked together for over 12 years prior to the formation of Third Point Re. Tom and Jonathan are consummate professionals with long and successful track records in the reinsurance industry. I am thrilled and honored that they have agreed to join us to help expand our reinsurance underwriting platform.”
Tom Wafer served as Chairman of Global Reinsurance for Alterra Capital Holdings Limited from March, 2012 until Markel Inc. acquired Alterra in May, 2013. Tom was previously Chief Executive Officer of Reinsurance and President of Alterra Reinsurance USA Inc. from July, 2011 until March, 2012 and held increasingly senior roles at Harbor Point Limited and its predecessor company, Chubb Re, Inc. Harbor Point was merged with Max Capital Group Ltd. to create Alterra in May 2010. Just prior to the merger, Tom was President of Harbor Point Re U.S. and President of Harbor Point Services, Inc.
Jonathan Norton served as Chief Actuary of Alterra Reinsurance USA Inc. from its inception in May of 2010 until the close of the Markel acquisition in May, 2013. Prior to the Harbor Point and Max Capital merger that created Alterra, Jonathan was Chief Actuary of Harbor Point and Chief Actuary of its predecessor company, Chubb Re, Inc.
In addition to taking on a leadership role with Third Point Re’s new U.S. reinsurance subsidiary, Norton will also assume the role of Chief Reserving Actuary for the Third Point Re Group, subject to the approval of the Bermuda Department of Immigration.
So Third Point Re is looking to be expansive and to add U.S. reinsurance underwriting to its remit. The move could open up new sources of reinsurance business for the firm, which will in turn allow it to build its float and put more capital into the asset side of the hedge fund backed reinsurance business.