- Signs for push-out forces
- After around five years on the job
- Berger will remain as Chairman
- Berger made a lengthy statement and said 76 words
(management-change.com) — Hamilton, Bermuda, February 23, 2017 — John Berger, chief executive of Third Point, hands over the reins. It is a change at short notice. As announced by Third Point Reinsurance Ltd. in a news release and in a regulatory filing published on Thursday, February 23, 2017, John Berger leaves the post as Chief Executive Officer at the provider of property and casualty reinsurance after around five years on the job, effective March 01, 2017.
Berger’s duties are taken over by Robert Bredahl, currently President and Chief Operating Officer at Third Point Reinsurance Ltd.
No reason given
In the announcement, Third Point did not explicitly explain the reason for Berger’s imminent move, leaving room for speculation.
Third Point said: “John Berger, Chairman and Chief Executive Officer, will be stepping down as CEO effective March 1, 2017.”
Berger will remain as Chairman at Third Point
“Mr. Berger will retain an active role in the Company. He will remain Chairman of the Board and Chairman of the Underwriting Committee,” Third Point said.
Share price decline
The change follows a decline in the share price of Third Point Reinsurance Ltd. since December 2013.
Kelso holds 23.5 percent stake
Kelso & Company, L.P. reported a 23.5 percent stake in Third Point Reinsurance Ltd. as of December 31, 2016. Kelso is a middle market private equity firm.
On the job as CEO since 2011
John R. Berger is the Chairman and Chief Executive Officer of Third Point Reinsurance Ltd. and has served in these positions since December 22, 2011.
With effect from March 1, 2015, Berger serves as the Chief Executive Officer of our subsidiary, Third Point Reinsurance (USA) Ltd.
Until February 28, 2015, Berger also served as the Chief Underwriting Officer of Third Point Reinsurance Company Ltd.
Berger is an insurance industry veteran with over thirty years of experience, the majority of which was spent as the principal executive officer of three successful reinsurance companies.
Berger served as Chief Executive Officer, Reinsurance and Vice Chairman of the board of Alterra Capital Holdings Limited (previously known as Max Capital Group Ltd.) from May 2010 until August 2011.
He also served as Chairman of Alterra Reinsurance Limited (previously known as Harbor Point Re Limited), Chief Executive Officer of Alterra Capital Services Inc. (previously known as Harbor Point Services, Inc.), and as a director of Alterra Agency Limited (Harbor Point Agency Limited), New Point III Limited and New Point Re III Limited.
He was the President and Chief Executive Officer of Harbor Point Ltd. from December 2005 until May 2010.
From August 1998 to December 2005, he was the Chief Executive Officer and President of Chubb Re, Inc. From November 1983 to August 1998, he held various positions at F&G Re, including Chief Executive Officer and President.
Following the acquisition of USF&G by The St. Paul Companies, from April 1998 until August 1998, he served as President of the North American Treaty operation of St. Paul Re and President of F&G Re.
Prior to 1983, Berger was an Underwriter at General Re and Prudential Reinsurance.
Berger is a Member of the board of directors of the Reinsurance Association of America.
He earned an undergraduate degree in Economics from Princeton University and an MBA from Rutgers University.
Signs for push-out forces
It is not completely certain what forces eventually triggered John Berger’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 09.2017 ($).