Third Point Re hires two; plots assault on US market

Third Point Reinsurance has hired two former Alterra executives to help establish its US operations.

The company said it plans to form a new reinsurance subsidiary with an office in the US in order to “originate incremental reinsurance business, better serve its US insurance company clients and further cultivate reinsurance broker relationships”.

Thomas Wafer previously served as chairman of global reinsurance for Alterra Capital until Markel acquired Alterra in May, 2013. Before that, he was chief executive of reinsurance and president of Alterra Reinsurance USA. He also held increasingly senior roles at Harbor Point, which was merged with Max Capital Group to create Alterra in May 2010.

Jonathan Norton served as Chief Actuary of Alterra Reinsurance USA from its inception until the close of the Markel acquisition in May, 2013. In addition to his role with the new subsidiary, Norton will assume the role of chief reserving actuary for the Third Point Re, subject to the approval of the Bermuda Department of Immigration.

John Berger, chairman and CEO of Third Point Re, said: “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 honoured that they have agreed to join us to help expand our reinsurance underwriting platform.”