9 November 2017Insurance

Third Point Re chair to step down; successor revealed

Bermuda-based Third Point Reinsurance has announced that John Berger, chairman of the board of directors, will be stepping down at the end of the term.

Steven Fass, currently on the board, will succeed Berger as interim chairman as of December 22, 2017.

Robert Bredahl, currently president and chief executive officer, will replace Berger on the board.

"On behalf of the entire Board, I want to thank John for his work as Chairman, the position he held since Third Point Re's formation in 2011," Fass commented. "John was instrumental in the formation of Third Point Re and we sincerely appreciate all of his hard work in getting Third Point Re to where it is today."

Bredahl added: "I am very proud to have worked under John's leadership. He was the ideal Chairman and CEO to launch Third Point Re, lead its IPO and develop us into a $1.8 billion company with more than $600 million in annualized premium income. He is a generous mentor, true friend and great human being."

Berger said: "I am very proud of what we have accomplished at Third Point Re over the past six years and couldn't be more confident of their continued success. The Company is in great hands with Rob. He has been a great partner to me and the key driver of our development. I wish Rob and the Company the best of luck."

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More on this story

13 December 2017   Former Fidelis chief financial officer, Neil McConachie is joining the board of directors of Bermuda-based Third Point Reinsurance.
1 March 2018   Bermuda-based Third Point Re has swung to profit in the fourth quarter of 2017 and saw its full year 2017 results jump due to investment profits while underwriting produces losses.
28 March 2018   Bermuda-based Third Point Re has not made an underwriting profit in the past five years but CEO Robert Bredahl has now revealed a strategy to improve underwriting performance and push the combined ratio below 100 percent.