THIRD POINT REINSURANCE LTD. (NYSE:TPRE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Director
Effective as of December 12, 2017, the Board of Directors (the “Board”) of Third Point Reinsurance Ltd. (the “Company”) accepted the resignation of Christopher L. Collins.
Appointment of New Director
Effective as of December 12, 2017, Neil McConachie was appointed to the Board to replace Mr. Collins. Mr. McConachie will serve as a Class III director for a term expiring at the Company’s 2019 annual shareholders' meeting.
Mr. McConachie was appointed to the Board by KEP TP Holdings, L.P. and KIA TP Holdings, L.P. in their capacity as a lead investor to the rights granted under Section 40.3 of the Company’s Bye-laws. There are no transactions in which Mr. McConachie has an interest requiring disclosure under Item 404(a) of SEC Regulation S-K.
Mr. McConachie will be compensated in accordance with our Director Compensation Policy, which provides that each independent director will receive annual compensation under their Director Services Agreements of $200,000 (or $235,000, in the case of the chairman of the Audit Committee of the Board, and $250,000 in the case of the Chairman of the Compensation Committee), payable 50% in cash and 50% in restricted shares of the Company. All restricted share grants are made under our 2013 Omnibus Incentive Plan and the applicable award agreements entered into between the Company and the director, including vesting and forfeiture provisions. Mr. McConachie will also be entitled to the same indemnification rights as our other directors.
In connection with the appointment of Mr. McConachie to the Company’s Board, the Company issued a press release on December 12, 2017. A copy of the press release is included as Exhibit 99.1 to this report.
Financial Statements and Exhibits.
Press Release dated December 12, 2017.
Third Point Reinsurance Ltd. ExhibitEX-99.1 2 tpre-bodchanges121217vfinal.htm EXHIBIT 99.1 Exhibit Third Point Reinsurance Ltd. Announces Changes to Board of Directors HAMILTON,…To view the full exhibit click
About THIRD POINT REINSURANCE LTD. (NYSE:TPRE)
Third Point Reinsurance Ltd. is a holding company. Through the Company’s reinsurance subsidiaries, it provides property and casualty reinsurance coverage to insurance and reinsurance companies. The Company operates through two segments: Property and Casualty Reinsurance, and Catastrophe Risk Management. The Property and Casualty Reinsurance segment provides reinsurance products to insurance and reinsurance companies, government entities, and other risk bearing vehicles. The Catastrophe Risk Management segment is engaged in the underwriting of property catastrophe exposures. The Company’s investable assets are managed by its investment manager, Third Point LLC. The Company writes reinsurance contracts that provide protection against adverse development on loss reserves. Through Third Point LLC, the Company makes investments globally in all sectors, and in equity, credit, commodity, currency, options and other instruments. The Company’s business is sourced through reinsurance brokers.
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