Berger steps down as Third Point Re CEO

Third Point Re’s chairman and CEO John Berger has stepped down from the position of CEO. The announcement came on the same day that the company stated its full year  2016 results, which saw a profit of $27.6 million.

However, the Bermuda-based company said in a statement that Berger will retain an active role within it. He will continue as chairman of the board and chairman of the underwriting committee.

Current Third Point Re president and chief operating officer Robert Bredahl will succeed Berger as CEO with effect from March 1.

“While I will be stepping down as CEO, I look forward to maintaining a very active role in the company as well as supporting Rob in his new position,” said Berger.

“Rob and I have worked closely together over the last five years forming and developing Third Point Re, and I see much opportunity ahead to further grow our business. I am looking forward to continuing my partnership with Rob, capitalizing upon the many opportunities that lay ahead.”

Bredahl added: “I am excited about the opportunity to lead Third Point Re and build upon the success that we have achieved thus far. John and I have enjoyed a strong relationship since forming Third Point Re in 2011, and I am looking forward to continuing that partnership as we work together to further grow the company.”