HAMILTON, Bermuda, Feb. 8, 2021 /PRNewswire/ -- Third Point
Reinsurance Ltd. (NYSE: TPRE) ("Third Point Re" or the "Company"),
a specialty reinsurer, announced today that it has made three
senior hires to strengthen its existing leadership team, ahead of
the company's anticipated merger transaction with Sirius
International Insurance Group Ltd. ("Sirius" or "Sirius Group") to
form SiriusPoint Ltd. ("SiriusPoint").
Tim Mardon will join the senior
underwriting team at SiriusPoint as Global Head of Property
Reinsurance. He will be based in Bermuda, subject to Bermuda Immigration
approval. Mr. Mardon brings more than 22 years of experience in the
reinsurance industry. He joins from Chubb Tempest Re Bermuda,
where he was Division President, responsible for all operating
aspects of the company's Bermuda-based Property and Casualty
reinsurance business. Mr. Mardon is expected to join the
Company in the second quarter of 2021.
Prashanth Gangu joins 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. As COO,
Mr. Gangu will oversee SiriusPoint's operating platform with
an emphasis on upgrading technology and operational capabilities.
Responsible for enterprise strategy and capital allocation, he will
direct corporate development and lead the evaluation of strategic
investment and partnership opportunities. Mr. Gangu will also serve
as President of the Insurance and Services division, responsible
for managing and growing a technology-enabled insurance
business.
Included in the Insurance and Services division will be:
- Global Accident and Health (A&H) business
- SiriusPoint's Lloyd's platform
- Managing General Underwriters (MGUs), International Medical
Group (IMG) and ArmadaCare
- Managing General Agents (MGAs) including Arcadian Risk
Capital
- SiriusPoint's insurtech portfolio, including investments in
Rhino, Pie Insurance and Noblr
Mr. Gangu joins from Oliver
Wyman, where he is a Partner and Head of Americas Property
and Casualty Insurance. Mr. Gangu has almost 20 years of experience
in the insurance industry, across strategy, mergers and
acquisitions (M&A), distribution, product, underwriting, risk,
operations and technology.
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. With a diverse legal background and
a focus on M&A, Ms. Dugan joins Third Point Re 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. Ms. Dugan began her career
at Sullivan & Cromwell in New
York.
Sid Sankaran, Chairman of Third
Point Re, said: "I am delighted that Prashanth, Rachael
and Tim will be joining the SiriusPoint leadership team at
this exciting time.
"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. 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."
Mr. Sankaran will become Chairman and Chief Executive Officer of
SiriusPoint upon completion of the merger of Third Point Re and
Sirius Group, which is expected to occur on or around February 26, 2021, subject to the satisfaction of
all closing conditions. SiriusPoint will be a global diversified
company, providing insurance and reinsurance solutions across
Accident and Health, Property, Liability and Specialty
Lines to clients and brokers located in almost 150
countries.
About Third Point Re
Third Point Reinsurance Ltd.
(Third Point Re) is a Bermuda-headquartered holding Company listed
on the New York Stock Exchange (TPRE). The Company underwrites
Specialty, Property and Casualty business through its wholly-owned
subsidiaries, Third Point Reinsurance Company Ltd. and Third Point
Reinsurance (USA) Ltd., which both
have 'A-' (Excellent) financial strength ratings from AM
Best. With offices in Bermuda, New
Jersey and London, the
Third Point Re companies specialize in finding innovative solutions
for niche and complex risks. You can learn more by visiting:
www.thirdpointre.com.
Media Contact
Mairi Mallon
Rein4ce
mairi.mallon@rein4ce.co.uk
+44 7843 067533
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SOURCE Third Point Reinsurance Ltd.