Key Takeaways
- • John Berger steps down as Chief Executive Officer of Third Point Re effective March 1, 2017, but remains as Chairman of the Board and Chairman of the Underwriting Committee, maintaining an active role at the Bermuda-based reinsurer.
- • Robert Bredahl, Third Point Re's President and Chief Operating Officer, assumes the CEO position on March 1, 2017, continuing a partnership forged since the firm's 2011 founding.
- • Third Point Re, backed by Daniel Loeb's Third Point LLC hedge fund and launched in early 2012 with $750 million of capital, reported full-year 2016 net income of $27.6 million despite a Q4 net loss of $46.7 million.
- • Both Berger and Bredahl expressed confidence in the transition, with Berger stating he looks "forward to maintaining a very active role" and Bredahl indicating excitement about leading the firm while continuing their partnership.
Summary
John Berger is transitioning from Chief Executive Officer to Chairman at Third Point Re, the Bermuda-based reinsurer backed by Daniel Loeb's Third Point LLC hedge fund. The leadership change takes effect March 1, 2017. Robert Bredahl, who has served as President and Chief Operating Officer since the firm's inception, assumes the CEO role while Berger retains significant operational involvement as Chairman of the Board and Chairman of the Underwriting Committee.
Third Point Re was founded in early 2012 with $750 million of capital, with Berger present from inception. The transition reflects a planned succession rather than a departure, with both executives emphasizing continuity. Berger stated: "While I will be stepping down as CEO, I look forward to maintaining a very active role in the company as well as supporting Rob in his new position. Rob and I have worked closely together over the last five years forming and developing Third Point Re, and I see much opportunity ahead to further grow our business." Bredahl echoed this sentiment, noting the pair had "enjoyed a strong relationship since forming Third Point Re in 2011" and expressing enthusiasm about building on the firm's achievements.
The announcement coincides with Third Point Re's full-year 2016 financial results. The reinsurer reported full-year net income of $27.6 million, though the fourth quarter produced a net loss of $46.7 million. The timing and structure of the leadership transition suggests a strategic recalibration within the firm's executive structure as it navigates market conditions in the reinsurance sector.
Third Point Re was founded in early 2012 with $750 million of capital, with Berger present from inception. The transition reflects a planned succession rather than a departure, with both executives emphasizing continuity. Berger stated: "While I will be stepping down as CEO, I look forward to maintaining a very active role in the company as well as supporting Rob in his new position. Rob and I have worked closely together over the last five years forming and developing Third Point Re, and I see much opportunity ahead to further grow our business." Bredahl echoed this sentiment, noting the pair had "enjoyed a strong relationship since forming Third Point Re in 2011" and expressing enthusiasm about building on the firm's achievements.
The announcement coincides with Third Point Re's full-year 2016 financial results. The reinsurer reported full-year net income of $27.6 million, though the fourth quarter produced a net loss of $46.7 million. The timing and structure of the leadership transition suggests a strategic recalibration within the firm's executive structure as it navigates market conditions in the reinsurance sector.
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