Hedge fund reinsurer CEO to step down
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John Berger will step down as CEO of Third Point Reinsurance Ltd. on March 1, the Bermuda-based hedge fund reinsurer announced Thursday.
Mr. Berger will be succeeded as CEO by Robert Bredahl, who is currently president and chief operating officer. A Third Point Re spokesman said the leadership change was part of a planned transition and that Mr. Berger, who is 64, will remain chairman of the reinsurer.
The announcement came as the reinsurer reported a $46.7 million loss for the fourth quarter of 2016, which was driven by investment losses, compared with a profit of $42.2 million in the same period in 2015. For the year, Third Point Re reported a profit of $27.6 million, compared with a loss of $87.4 million in 2015.
Mr. Berger has led Third Point Re since its 2011 founding by Daniel Loeb, whose hedge fund, Third Point L.L.C., is the investment manager for the reinsurer. Prior to joining Third Point, which listed on the New York Stock Exchange in 2013, Mr. Berger held CEO roles at Alterra Reinsurance Ltd. and Chubb Re Inc. Prior to forming Chubb’s reinsurance unit in 1988, he was a long-time senior executive at F&G Re, the reinsurance arm of the former USF&G.
Mr. Bredhal joined Third Point Re in 2012. Prior to joining the reinsurer, he was CEO of Aon Benfield Securities, the investment banking arm of Aon P.L.C. Prior to joining Benfield Group P.L.C., which Aon bought in 2008, he was CEO of Inreon P.L.C. and head of U.S. derivatives sales for Barclays Capital.
Third Point Re is one of several hedge fund reinsurers established over the past 10 years that uses alternative investment strategies to traditional reinsurers.
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