Bredahl resigns as Third Point Re CEO; Daniel Malloy candidate for top role

Robert Bredahl has resigned from his position as the chief executive officer (CEO) of Bermuda-based reinsurer Third Point Re with immediate effect. He has been replaced by Daniel Malloy, currently CEO of the company's main operating subsidiary, on an interim basis.

Bredahl has served as the company's president and CEO since March 1, 2017. He also served as the chief executive of Third Point Reinsurance (USA), and previously held several leadership roles including the chief operating officer, chief financial officer and chief underwriting officer within the company. Prior to joining Third Point Re, Bredahl was the CEO of Aon Benfield Securities, Aon’s Investment Banking Group, and the president of the Americas division of Aon Benfield.

Third Point Re confirmed that its broad of directors has accepted Bredahl's resignation, adding that it intends to evaluate the company's leadership and seek to identify "one or more external candidates" who, along with Malloy, will be considered as permanent CEO going forward.

Malloy 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.

"After many years of working with Dan, we are thrilled that he is taking on this new role," said board chairman Joshua Targoff. "A proven leader with a strong track record of success and deep expertise across all aspects of the business, he is exceptionally well qualified to take the Company to its next phase of development and growth."

Targoff added: "On behalf of the Board of Directors, I would like to thank Rob for his leadership at TPRE. During his time as CEO, TPRE has taken important steps to improve its underwriting profitability, added key talent to its underwriting team, and begun to diversify its business mix. Rob leaves the company with a strong balance sheet and well positioned to capitalize on new opportunities."

Bredahl said: "I am proud to have served at TPRE since its founding seven years ago and to have been part of the great progress we've made in building it into an innovative company with a team that is second-to-none."

Malloy commented: "I am excited to serve as TPRE's next CEO and work even more closely with the Company's Board, management team and talented employees as we build on our momentum and deliver even greater value for our customers and shareholders."

In addition to these leadership changes, the company has also made two senior promotions at its US-headquartered subsidiary Third Point Reinsurance (USA).

David Govrin has been appointed as president, TPRE USA, replacing Manoj Gupta, who is no longer with the company. And David Drury has been appointed to a newly-created role of EVP, global head of property catastrophe reinsurance, TPRE USA.

"We are very pleased that Mr. Govrin and Mr. Drury have agreed to lead the TPRE USA operations as we grow our business, including our new property catastrophe portfolio," said Malloy. "They are leaders with substantial breadth of experience in reinsurance, and I am confident they will continue with the positive trajectory of the US Subsidiary that has started under Manoj's tenure."