- Push-out Score determined
- After about two years in the position
- Praise and thanks for Bredahl
- Dan Malloy taking over in the interim
- Search for a successor
- Bredahl kept it short and said 38 words
(exechange) — Hamilton, Bermuda, May 9, 2019 — Rob Bredahl, chief executive of Third Point, leaves. As announced by Third Point Reinsurance Ltd. in a news release on Thursday, May 9, 2019, J.Robert (Rob) Bredahl leaves his post as chief executive officer at the company after about two years in the role, effective May 10, 2019.
Third Point will undertake a search for a successor.
Rob Bredahl’s duties will be taken over in the interim by Daniel (Dan) Malloy, currently chief executive officer of the main operating subsidiary, Third Point Reinsurance Company Ltd., of Third Point Reinsurance Ltd.
“Capitalize on new opportunities”
A reason for Rob Bredahl’s departure from the CEO post was not explicitly provided. Board Chairman Joshua L. Targoff said: “Rob leaves the company with a strong balance sheet and well positioned to capitalize on new opportunities.”
Precise information regarding Rob Bredahl’s future plans was not immediately available.
Third Point said: “Malloy will succeed J. Robert Bredahl, whose resignation has been accepted by the Board.”
Share price decline
The announcement follows a decline in Third Point Reinsurance Ltd.’s share price of 30 percent since November 2017.
Chaired by Joshua L. Targoff
Third Point Reinsurance Ltd. is chaired by Joshua L. Targoff.
Targoff has served as a director of Third Point Reinsurance Ltd. since December 2011. He is a Partner and the Chief Operating Officer and General Counsel of Third Point LLC. From 1996 to 2003 he was an associate in the law firm of Debevoise & Plimpton LLP.
In the position of CEO since 2017
Bredahl has been the President and Chief Executive Officer of Third Point Reinsurance Ltd. and has served in this position since March 1, 2017.
He also has served as Chief Executive Officer of Third Point Reinsurance (USA) Ltd. and has served in this position since August 3, 2017.
In addition, Bredahl was appointed to serve as a Class II Director of the Company on December 22, 2017.
From November 24, 2015, to August 2, 2017, Bredahl served as the Chief Executive Officer of Third Point Reinsurance Company Ltd.
From November 10, 2014, to February 28, 2017, Bredahl served as the Company’s President and Chief Operating Officer, prior to which Bredahl served as the Chief Financial Officer and Chief Operating Officer of the Company from January 26, 2012, and as the President and Chief Underwriting Officer of Third Point Reinsurance Company Ltd. until March 1, 2015, and March 1, 2017, respectively.
Prior to joining the Company, Bredahl was the Chief Executive Officer of Aon Benfield Securities, Aon’s Investment Banking Group, and the President of the Americas division of Aon Benfield, the premier reinsurance intermediary and capital advisor, from November 2008 to January 2012.
Prior to Aon’s acquisition of Benfield in November 2008, Bredahl held various senior level positions at Benfield and at the time of acquisition was Chief Executive Officer of Benfield U.S. Inc. and of Benfield Advisory.
Prior to joining Benfield in March 2002, he served as Chief Executive Officer of Inreon PLC and Managing Director and Head of U.S. Derivative Sales for Barclays Capital.
Bredahl earned a Bachelor of Arts degree in Economics from Middlebury College. While at Aon Benfield Securities he held several securities licenses, including the Series 24, Series 7 and Series 63.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Third Point and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2019 ($).