Third Point Re is Launching Formal U.S. Operations

December 4, 2014

Third Point Reinsurance Ltd. has disclosed plans to set up formal U.S. operations.

Thomas Wafer and Jonathan Norton have been hired to help establish and manage the group’s new setup. Both are veteran Alterra executives.

In a statement, Third Point Re said it intends to form a new reinsurance subsidiary with an office in the United States in order to originate incremental reinsurance business, better serve its U.S. insurance company clients and further cultivate reinsurance broker relationships.

During a Carrier Management interview earlier this year, Chief Executive Officer John Berger said Third Point was evaluating options to increase the reinsurer’s share of U.S. business. “We’re sitting in Bermuda. We’re at a disadvantage because we don’t have the day-to-day contact with the brokers and the clients that we would with a U.S. operation.

“Clearly, our relationships have carried us pretty well so far, but there’s a limit. So you’d rather be on the ground,” he said during the interview.

Thursday’s announcement said that Norton, in addition to joining Wafer to manage the U.S. subsidiary, will take on the role of chief reserving actuary for the Third Point Re Group, subject to the approval of the Bermuda Department of Immigration.

Wafer served as chairman of Global Reinsurance for Alterra Capital Holdings Limited from March, 2012 until Markel Inc. acquired Alterra in May, 2013.

Prior to that, he was chief executive officer of reinsurance and president of Alterra Reinsurance USA Inc. from July, 2011 until March, 2012.

Wafer also had senior roles at Harbor Point Limited and its predecessor company, Chubb Re, Inc.

Harbor Point merged with Max Capital Group Ltd. to create Alterra in May 2010.

Norton, a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries, served as chief actuary of Alterra Reinsurance USA Inc. from its inception in May of 2010 until the close of the Markel acquisition in May, 2013. Prior to the Harbor Point and Max Capital merger that created Alterra, he was chief actuary of Harbor Point and chief actuary of its predecessor company, Chubb Re, Inc.

Berger is a veteran of Chubb Re, Harbor Point, and Alterra as well.

Third Point is one of several Bermuda companies to set up a U.S. presence in 2014.

In June, Validus announced its intention to acquire U.S. specialty insurer Western World for $690 million.

In October, Hamilton Insurance Group bolstered its onshore presence with the acquisition of two shelf companies, Valiant Insurance Company and Valiant Specialty Insurance Company.

Source: Third Point Reinsurance Ltd.