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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—John Berger, former CEO of reinsurance at Alterra Capital Holdings Ltd., left the Bermuda-based reinsurer to join an employer called Third Point Re, according to a filing Alterra made with the U.S. Securities & Exchange Commission.
Alterra announced in early August that Mr. Berger had left the company to “pursue a new opportunity.”
Thursday’s SEC filing said Alterra and Mr. Berger, who resigned from Alterra on Aug. 1, reached a separation agreement on Aug. 26.
In addition to spelling out the general terms of the separation, the agreement says Mr. Berger’s “employment by, and/or interest in, Third Point Re, or solicitation of the company’s customers on behalf of Third Point Re, shall not constitute a violation of the noncompetition provisions or nonsolicitation of customer provisions, respectively, set forth in this agreement or any other agreement between executive and the company, provided that Third Point Re enters into a 36-month nonsolicitation agreement with the company concerning the company’s employees, in a form reasonably acceptable to the company and with restrictions substantially similar to the nonsolicitation of employees restrictions set forth” elsewhere in the filing.
The filing made no other mention of Third Point Re.
A published report suggested that Third Point Re could be a new venture of New York-based hedge fund Third Point L.L.C.
Third Point did not return a call for comment.
BRANCHVILLE, N.J.—Selective Insurance Group Inc. plans to enter the excess and surplus lines market by purchasing renewal rights to a $77 million book of commercial insurance business from Alterra Capital Holdings Ltd.