Third Point Reinsurance (Third Point Re), a specialty reinsurer, has hired Tim Mardon, Prashanth Gangu and Rachael Dugan. The hires are set to strengthen Third Point Re existing leadership team, ahead of its merger transaction with Sirius International Insurance Group (Sirius) to form SiriusPoint (SiriusPoint). In August 2020, Third Point Re and Sirius entered into a definitive agreement to combine in a cash and stock transaction. Sid Sankaran, chairman of Third Point Re, will become chairman and CEO of SiriusPoint on completion of the merger. The merger is expected to complete on 26 February 2021, subject to the satisfaction of all closing conditions. Mardon will join the senior underwriting team at SiriusPoint as global head of property reinsurance. He is expected to join the company in the Q2 2021 and will be based in Bermuda. Mardon, who brings more than 22 years of experience in the reinsurance industry, 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. Based in New York, Gangu joins the SiriusPoint executive team as chief operating officer (COO) and president of insurance and services at the beginning of March. As COO, Gangu will oversee SiriusPoint's operating platform with an emphasis on upgrading technology and operational capabilities. Responsible for enterprise strategy and capital allocation, he will direct corporate development and lead the evaluation of strategic investment and partnership opportunities. As president of the insurance and services division, he will be responsible for managing and growing technology-enabled insurance business. Gangu joins from Oliver Wyman, where he is 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 (M&A), distribution, product, underwriting, risk, operations and technology. Also based in New York, Dugan will join Third Point Re as general counsel on 22 February and will then serve in the same role on the executive team at SiriusPoint following the expected closure of the merger. Dugan joins Third Point Re from private investment firm Reverence Capital, where she has been general counsel and chief compliance officer since 2019. Previously, she spent more than five years at Marsh & McLennan Companies, as chief strategy and M&A counsel. Commenting on the three senior hires, Sankaran says: I am delighted that Prashanth Gangu, Rachael Dugan and Tim Mardon will be joining the SiriusPoint leadership team at this exciting time.” He continues: "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 concludes.
