Third Point Re builds up SiriusPoint’s management team
Third Point Reinsurance has made three senior hires to strengthen its leadership team ahead of its anticipated merger with Sirius International Insurance Group, which will form SiriusPoint.
Tim Mardon will join the senior underwriting team at SiriusPoint as global head of property reinsurance. Prashanth Gangu will join the SiriusPoint executive team as chief operating officer and president of insurance and services. Rachael Dugan will join Third Point Re as general counsel and will transfer to SiriusPoint following the completion of the merger.
Mardon will be based in Bermuda, subject to Bermuda Immigration approval, and is expected to take up his post in Q2 2021. He brings more than 22 years of experience in the reinsurance industry and 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.
Gangu will take up his post at the beginning of March and will be based in New York.
He will oversee SiriusPoint's operating platform with an emphasis on upgrading technology and operational capabilities, with responsibility for enterprise strategy and capital allocation. He will direct corporate development and lead the evaluation of strategic investment and partnership opportunities.
Gangu will also serve as president of the insurance and services division, which includes: global accident and health; SiriusPoint's Lloyd's platform; managing general underwriters; the international medical group and ArmadaCare; managing general agents including Arcadian Risk Capital; and SiriusPoint's insurtech portfolio.
He joins from Oliver Wyman where he was a partner and head of Americas property and casualty insurance. He has almost 20 years of experience in the insurance industry, across strategy, mergers and acquisitions, distribution, product, underwriting, risk, operations and technology.
Dugan will join Third Point Re in New York on February 22, 2021 and will serve in the same role on the executive team at SiriusPoint following the expected closure of the merger. She joins from private investment firm Reverence Capital where she has been general counsel and chief compliance officer since 2019.
She has spent more than five years at Marsh & McLennan Companies as chief strategy and M&A counsel, and began her career at Sullivan & Cromwell in New York.
Sid Sankaran, chairman of Third Point Re, said: "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."
Sankaran will be 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.
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.
