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Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel. -
The reinsurer was chasing a high 15% net return target but said lower demand and capital trapping made this unachievable
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The executive had been president of Bermuda for Chubb’s reinsurance arm since 2011.
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The executive will join the reinsurer ahead of the close of its merger with Sirius International later this month.
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Following his departure Axis’ third-party capital unit will become a standalone division.
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Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs.
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The Aquiline-backed carrier will offer multiple strategies including a high-risk and cat bond fund.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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Year-end returns diverged widely with a dozen funds falling to a loss.
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The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020.
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The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The carrier set up a "modest" retro vehicle but has plans to expand into other lines of business.
