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Bermuda-based reinsurer Third Point Reinsurance Ltd. said on Thursday that CEO Robert Bredahl has resigned from the company and will be replaced by longtime company executive Daniel Malloy.
Mr. Malloy’s appointment is effective May 10 and subject to approval from the Bermuda Department of Immigration, Third Point said in a statement.
“As part of a long-term succession planning process, the board of directors intends to evaluate the company's leadership and seek to identify one or more external candidates who, along with Mr. Malloy, will be considered as permanent CEO going forward,” the company said in the statement.
Mr. Malloy, 59, has been an executive with the company since it was formed in 2012 and has led the company’s main subsidiary, Third Point Reinsurance Co. Ltd., since 2017, and previously served as executive vice president, underwriting, according to the statement.
With more than 38 years’ experience in the reinsurance industry, Mr. Malloy worked at Aon Benfield from 2003 where he co-led the specialty lines practice groups, the statement said.
Previously, he was president and a board member at Bermuda-based Stockton Reinsurance Ltd. from 1998 to 2003 and also served as president of Centre Re Bermuda, where he worked from 1993 to 1998, the company said.
Bermuda-based Third Point Reinsurance Ltd. has posted a loss of $14.7 million in the last quarter of 2014, reported The Royal Gazette.