The Board of Directors of Third Point Re has affirmed the appointment of Dan Malloy as Chief Executive Officer (CEO) following the resignation of Robert Bredahl earlier this year.
Malloy was appointed interim CEO at the time of Bredahl’s departure and after the Board’s review, he has now been affirmed as the reinsurer’s CEO and has also been added to the company’s Board of Directors, and will serve on the firm’s Executive Committee.
Chairman of Third Point Re, Josh Targoff, commented: “Dan Malloy has been a valued senior leader of the Company since its inception in 2012, and has successfully expanded Third Point Re’s underwriting capabilities over the past quarter and positioned the Company for underwriting profit.
“He has proven himself to be the leader this Company needs. His long history as an underwriter and keen, shareholder-focused business sense will serve the interests of all the Company’s stakeholders.”
At the same time, Third Point Re has announced the addition of Sid Sankaran, currently Chief Financial Officer (CFO) of Oscar Health, and former Chief Financial Officer (CFO) and Chief Risk Officer of AIG, to the Board of Directors.
He will also serve on the reinsurer’s Audit Committee, Investment and Finance Committee and will serve as Chair of Third Point Re’s Risk and Compliance Committee.
Targoff commented: “I am delighted to welcome an executive of Sid’s caliber to our Board. Sid’s in-depth knowledge of the current insurance and reinsurance markets, his history of dealing with both regulators and ratings agencies, his understanding and appreciation for capital allocation, and his overall business sense and judgment will benefit our shareholders tremendously.”
Sankaran added: “I am excited about the prospect of joining Third Point Re. I believe the Company’s structural advantages position it well and look forward to working with the board members and senior executives to realize the Company’s full potential.”
The reinsurer announced its Q2 and H1 2019 results today, posting a higher net income while its underwriting result improved.