Third Point Re Announces CEO Transition
Third Point Reinsurance Ltd. [TPRE] announced that its Board of Directors will appoint Daniel Malloy, currently CEO of the Company’s main operating subsidiary, Third Point Reinsurance Company Ltd., as chief executive officer of Third Point Reinsurance Ltd. effective May 10, 2019.
Malloy will succeed J. Robert Bredahl, whose resignation has been accepted by the Board. As part of a long-term succession planning process, the Board of Directors intends to evaluate the Company’s leadership and seek to identify one or more external candidates who, along with Mr. Malloy, will be considered as permanent CEO going forward.
Mr. Malloy, 59, has been an executive of the Company since its inception in 2012 and has led Third Point Reinsurance Company Ltd. since 2017. With more than 38 years of reinsurance experience, Mr. Malloy previously served as the Executive Vice President, Underwriting of Third Point Reinsurance Company Ltd. Prior to TPRE, Mr. Malloy worked at Aon Benfield from 2003 where he co-led the Specialty Lines practice groups.
Before joining Aon Benfield, he was President and a board member of Stockton Reinsurance Ltd. in Bermuda from 1998 to 2003. He previously served as President of Centre Re Bermuda, where he was employed from 1993 to 1998. Mr. Malloy’s appointment 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,” said 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,” Mr. Targoff said.
“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,” Mr. Malloy said.
“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,” Mr. Bredahl said.
