Reinsurance News

Third Point Re strengthens leadership ahead of Sirius merger

9th February 2021 - Author: Matt Sheehan

Hedge fund backed reinsurer Third Point Re has made three senior hires to strengthen its existing leadership team ahead of its planned merger with Sirius Group.

third-point-re-logoDue to close this quarter, the merger will form a combined entity called SiriusPoint.

Tim Mardon will join the senior underwriting team at SiriusPoint as Global Head of Property Reinsurance, based in Bermuda.

He will take up his post in Q2, bringing more than 22 years of experience, most recently from Chubb Tempest Re Bermuda, where he was Division President with responsibility for all operating aspects of the company’s Bermuda-based Property and Casualty reinsurance business.

Next, Prashanth Gangu will join the SiriusPoint executive team as Chief Operating Officer (COO) and President of Insurance and Services at the beginning of March. He will be based in New York.

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As COO, Gangu will oversee SiriusPoint’s operating platform with an emphasis on upgrading technology and operational capabilities.

He will also serve as President of the Insurance and Services division, which consists of Global Accident and Health (A&H) business, SiriusPoint’s Lloyd’s platform, MGUs, International Medical Group (IMG) and ArmadaCare, MGAs including Arcadian Risk Capital, and SiriusPoint’s insurtech portfolio, including investments in Rhino, Pie Insurance and Noblr.

Gangu joins from Oliver Wyman, where he is a Partner and Head of Americas Property and Casualty Insurance, and has almost 20 years’ industry experience.

Finally, Rachael Dugan joins Third Point Re in New York as General Counsel on February 22, 2021 and will serve in the same role on the executive team at SiriusPoint following the expected closure of the merger.

She arrives from private investment firm Reverence Capital, where she has been General Counsel and Chief Compliance Officer since 2019.

Previously, she spent more than five years at Marsh & McLennan Companies (MMC), as Chief Strategy and M&A Counsel, having begun her career at Sullivan & Cromwell in New York.

“I am delighted that Prashanth, Rachael and Tim will be joining the SiriusPoint leadership team at this exciting time,” said Sid Sankaran, Chairman of Third Point Re.

“With the exceptional talent, global footprint and robust balance sheet of the combined company, we will have a strong base for building an innovative, disciplined and sustainable business,” Sankaran continued.

“We are aiming to enhance our existing relationships and improve the economics of our key lines of business, while looking at ways that we can grow intelligently and leverage technology to improve how we manage risk, use data and develop new strategic opportunities.”

Sankaran will become Chairman and Chief Executive Officer of SiriusPoint upon completion of the merger, which is expected to occur on or around February 26, 2021.

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