Dan Malloy is being appointed Chief Executive Officer (CEO) of Third Point Reinsurance Ltd., as Rob Bredahl has resigned. At the same time Manoj Gupta has also left the firm, leading to changes at the top of Third Point Re U.S.
Third Point Re is a total return, hedge fund backed reinsurance firm, aligned with the investment strategies of Daniel Loeb’s Third Point LLC hedge fund.
Rob Bredahl became the CEO of Third Point Re in 2017, but had been with the reinsurance firm since its inception in 2012.
“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,” Bredahl commented on this departure.
The Board of the reinsurer said it will now evaluate the leadership of the company and look to identify one or more external candidates who, along with Malloy, may be considered as a permanent CEO going forward, which suggests this move had not been part of the firms long-term planning and perhaps Bredahl’s departure came as something of a surprise to the firm.
Malloy, 59, has been with Third Point Re since its launch in 2012 and has led subsidiary Third Point Reinsurance Company Ltd. since 2017, as its CEO, prior to which he was its Executive Vice President, Underwriting.
He has more than 38 years of reinsurance sector experience. He previously worked at Aon Benfield from 2003 where he co-led the Specialty Lines practice groups. Prior to that, Malloy was President and a board member of Stockton Reinsurance Ltd. in Bermuda from 1998 to 2003. He also served as President of Centre Re Bermuda, from 1993 to 1998. His appointment as CEO of Third Point Re is subject to the approval of the Bermuda Department of Immigration.
“After many years of working with Dan, we are thrilled that he is taking on this new role. 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,” commented Board Chairman Joshua L. Targoff.
“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 capitalize on new opportunities,” Targoff added.
“I am excited to serve as TPRE’s next CEO and work even more closely with the Company’s Board, management team and talented employees as we build on our momentum and deliver even greater value for our customers and shareholders,” Malloy said.
In addition, there have been a number of changes at Third Pont Re U.S., as Manoj Gupta is departing the company.
Gupta, who originally led the development and management of a catastrophe reinsurance fund for Third Point Re, a fund that was subsequently shuttered by the firm as it didn’t feel returns from cat reinsurance were conducive at the time, eventually held the role of President of Third Point Re USA.
The reinsurer announced that existing employees David Govrin has been promoted to President, TPRE USA (replacing Gupta), while David Drury has been named EVP, Global Head of Property Catastrophe Reinsurance, TPRE USA, which is a newly-created role.
These moves seem to be in response to the fact that Gupta has now departed the company and he had been instrumental in much of its decision to move back into property catastrophe underwriting lately.
Govrin has over 30 years of experience in the reinsurance and banking industries, with his most recent position at the firm being EVP, Underwriting and Head of Business Development for TPRE USA. He served as a Vice President in Berkshire Hathaway’s Reinsurance Group for seven years.
Drury has over 25 years of reinsurance sector experience and his most recent role was as SVP, Underwriting for TPRE USA. At Third Point Re he has been responsible for the development of the property catastrophe book of late. He spent eighteen years at Chubb Ltd. (formerly ACE Ltd.), most recently as Chief Underwriting Officer of Chubb Tempest Re Group, its worldwide reinsurance operations.
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