Third Point Reinsurance Chairman and Chief Executive Officer John Berger plans to step down as CEO on March 1. His designated replacement: Robert Bredahl, the reinsurer’s president and chief operating officer.
Berger will continue to serve as chairman of the board and chairman of the underwriting committee. In prepared remarks, he said he looks “forward to maintaining a very active role in the company as well as supporting [Bredahl] in his new position.”
Berger noted that he and Bredahl have worked closely building Third Point Re’s business over the last five years, and expects more to come.
“I see much opportunity ahead to further grow our business,” Berger said. “I am looking forward to continuing my partnership with [Bredahl], capitalizing upon the many opportunities that lay ahead.
For his part, Bredahl said, also in prepared remarks, that he is “excepted about the opportunity to lead Third Point Re and build upon the success that we have achieved thus far.”
Berger, speaking at an industry conference in summer 2015, said that Third Point Re (co-founded by hedge fund manager Dan Loeb) was well positioned to handle competition from other investment firms. At the same time, he said that new reinsurers will be much harder to form, as firms struggle to meet industry ratings standards.
Last October, Berger warned about the risks of M&A, equating it with failed marriages and arguing that many merger transactions don’t work.
Meanwhile, Third Point Re reported its 201 fourth quarter earnings on Feb. 23: a $46.7 million net loss, or $0.45 per diluted common share, versus $42.2 million, or $0.39 per diluted common share in the 2015 fourth quarter.
Gross premiums written reached $80.8 million, down from $99.2 million in Q4 2015. Net premiums earned were $192.1 million, up from $134.4 million over the same period last year.
The reinsurer’s property/casualty combined ratio was 105 for the fourth quarter, a slight improvement over 106.9 in the 2015 fourth quarter.
Source: Third Point Re