Robert Bredahl has resigned as chief executive officer of Third Point Reinsurance Ltd, the Bermudian-based company has announced.

He will be replaced by Dan Malloy, effective on May 10. Mr Malloy will be promoted from his current role as CEO of the company’s main operating subsidiary, Third Point Reinsurance Company Ltd.

In a statement, Third Point Re added: “As part of a long-term succession planning process, the board of directors intends to evaluate the company’s leadership and seek to identify one or more external candidates who, along with Mr Malloy, will be considered as permanent CEO going forward.”

Mr Malloy, 59, has been an executive with the company since its inception in 2012 and has led Third Point Reinsurance Company Ltd since 2017. He previously served as the company’s executive vice-president, underwriting.

Prior to Third Point Re, Mr Malloy worked at Aon Benfield from 2003 where he co-led the Specialty Lines practice groups.

Before that, he was president and a board member of Stockton Reinsurance Ltd in Bermuda from 1998 to 2003.

He also previously served as president of Centre Re Bermuda, where he was employed from 1993 to 1998. Mr Malloy’s appointment is subject to the approval of the Bermuda Department of Immigration.

“A proven leader with a strong track record of success and deep expertise across all aspects of the business, he is exceptionally well qualified to take the company to its next phase of development and growth,” Joshua Targoff, chairman of Third Point Re, said.

“On behalf of the board of directors, I would like to thank Rob for his leadership at TPRE. During his time as CEO, TPRE has taken important steps to improve its underwriting profitability, added key talent to its underwriting team, and begun to diversify its business mix. Rob leaves the company with a strong balance sheet and well positioned to capitalise on new opportunities.”

Mr Malloy said: “I am excited to serve as TPRE’s next CEO and work even more closely with the company’s board, management team and talented employees as we build on our momentum and deliver even greater value for our customers and shareholders.”

Mr Bredahl said: “I am proud to have served at TPRE since its founding seven years ago and to have been part of the great progress we’ve made in building it into an innovative company with a team that is second to none.”