Major recruitment drive at SiriusPoint as $788m merger nears completion
Bermuda-based Third Point Reinsurance has made senior hires to strengthen its existing leadership ahead of the company's $788 million merger with Sirius International Insurance Group to form SiriusPoint.
The company's chairman Sid Sankaran, who will become chair and chief executive officer (CEO) of the combined firm SiriusPoint upon completion of the merger - expected to occur on or around February 26 - said that it is looking to enhance existing relationships and grow intelligently with the help of strategic hires and leveraging technology.
"With the exceptional talent, global footprint and robust balance sheet of the combined company, we will have a strong base for building an innovative, disciplined and sustainable business," said Sankaran.
"We are aiming to enhance our existing relationships and improve the economics of our key lines of business, while looking at ways that we can grow intelligently and leverage technology to improve how we manage risk, use data and develop new strategic opportunities."
The company has hired Tim Mardon from Chubb to join the senior underwriting team at SiriusPoint as global head of property reinsurance. He will be based in Bermuda, subject to Bermuda Immigration approval.
Mardon brings more than 22 years of experience in the reinsurance industry. He joins from Chubb Tempest Re Bermuda, where he was division president, responsible for all operating aspects of the company's Bermuda-based property and casualty reinsurance business. He is expected to join the company in the second quarter of 2021.
Additionally, Prashanth Gangu will join SiriusPoint's executive team as chief operating officer (COO) and president of insurance and services at the beginning of March. He will be based in New York.
As COO, Gangu will oversee SiriusPoint's operating platform with an emphasis on upgrading technology and operational capabilities. Responsible for enterprise strategy and capital allocation, he will direct corporate development and lead the evaluation of strategic investment and partnership opportunities. Gangu will also serve as president of the insurance and services division, responsible for managing and growing a technology-enabled insurance business.
Gangu joins from Oliver Wyman, where he is a partner and head of Americas property and casualty insurance. He has almost 20 years of experience in the insurance industry, across strategy, mergers and acquisitions (M&A), distribution, product, underwriting, risk, operations and technology.
Finally, Rachael Dugan will join Third Point Re in New York as general counsel and will serve in the same role on the executive team at SiriusPoint following the merger.
With a diverse legal background and a focus on M&A, Dugan joins Third Point Re from private investment firm Reverence Capital, where she has been general counsel and chief compliance officer since 2019. Previously, she spent more than five years at Marsh & McLennan Companies (MMC), as chief strategy and M&A counsel. Dugan began her career at Sullivan & Cromwell in New York.
Sankaran commented: "I am delighted that Prashanth, Rachael and Tim will be joining the SiriusPoint leadership team at this exciting time.
SiriusPoint will be a global diversified company, providing insurance and reinsurance solutions across accident and health, property, liability and specialty lines to clients and brokers in nearly 150 countries.
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