Bermuda-based provider of property and casualty reinsurance Third Point Reinsurance Ltd., which is backed by hedge fund manager Dan Loeb’s Third Point LLC, has announced the appointment of Mark Parkin as Chairman of its Audit Committee.
Mark Parkin was appointed to Third Point Re’s board of directors in November, since which he has served as a member of the Company’s Audit Committee and Governance and Nominating Committee.
Parkin now succeeds Steven Fass as Chairman of the Audit Committee. Fass, who had held that position since February 1, 2012, will continue to serve as a member of the Audit Committee from January 1, 2014.
Prior to joining the board Parkin was employed by Deloitte &Touche LLP (and its predecessor Touche Ross & Co.) for 37 years. For 26 years of his tenure, Mr. Parkin was a Partner of the firm serving audit clients who were primarily operating in the insurance industry. Mr. Parkin served as the Managing Partner of Deloitte &Touche LLP’s Insurance Audit and Enterprise Risk Services practice from 2009 to 2012, and as its Insurance Industry Professional Practice Director from 2006 to 2008.
John Berger, Chairman, Chief Executive Officer and Chief Underwriting Officer of Third Point Re, commented on the appointment; “We believe Mark’s background and wealth of accounting and public company experience make him well-suited to serve as chairman of our audit committee. I’d like to thank Steve for his guidance while serving as our Audit Chair, especially during the IPO process, and I look forward to his continued contributions as an ongoing member of our Audit committee.”