Third Point Re confirms Malloy as CEO; adds ex-AIG CFO to board

Bermuda-based Third Point Re has affirmed Daniel Malloy as its chief executive officer (CEO) and appointed former AIG chief financial Officer Sid Sankaran to its board of directors.

Malloy was presumed front-runner for the top role following the departure of Robert Bredahl, who resigned as Third Point Re CEO in May 2019 to join reinsurance broking and risk/capital management firm TigerRisk as president, chief operating officer (COO).

Malloy has held the CEO role on an interim basis since May 10, 2019. He has been an executive of the company since its inception in 2012 and has led Third Point Reinsurance Company since 2017. He previously served as the executive vice president, underwriting of Third Point Reinsurance Company. Prior to that, Malloy worked at Aon Benfield from 2003 where he co-led the specialty lines practice groups.

Malloy has also been added to the company's board of directors and will serve on the company's executive committee.

Josh Targoff, chairman of Third Point Re said: "Dan Malloy has been a valued senior leader of the Company since its inception in 2012, and has successfully expanded Third Point Re's underwriting capabilities over the past quarter and positioned the Company for underwriting profit. He has proven himself to be the leader this Company needs. His long history as an underwriter and keen, shareholder-focused business sense will serve the interests of all the Company's stakeholders."

Sankaran is currently chief financial officer of Oscar Health, and former chief financial officer and chief risk officer of AIG. He will serve on the company's audit committee, investment and finance committee and will serve as chair of the company's risk and compliance committee.

Targoff said: "I am delighted to welcome an executive of Sid's caliber to our Board. Sid's in-depth knowledge of the current insurance and reinsurance markets, his history of dealing with both regulators and ratings agencies, his understanding and appreciation for capital allocation, and his overall business sense and judgment will benefit our shareholders tremendously."

Sankaran commented: "I am excited about the prospect of joining Third Point Re. I believe the Company's structural advantages position it well and look forward to working with the board members and senior executives to realise the Company's full potential."

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Assured Guaranty acquires BlueMountain in 'largest and most important' deal

Zurich posts 'best H1 result in a decade', CEO confident to beat targets

AIG says ‘strong’ Q2 results supported by recent ‘foundational changes’

Hannover Re ‘on track’ to hit income targets, Q2 / H1 2019 results shows

Travelers names new co-chief investment officers

Feature:  Five things re/insurance execs want technology to do for their businesses