Bermuda-based Third Point Re is to launch a US subsidiary, the firm announced yesterday.

Jonathan Norton has been hired in a dual role which we will see him become chief reserving actuary in Bermuda while spearheading the new business with another new hire Thomas Wafer.

Third Point Re chairman, CEO and chief underwriting officer John Berger said that he, Mr Wafer and Mr Norton had all worked together for more than 12 years before Third Point was set up.

He added: “Tom and Jonathan are consummate professionals with long and successful track records in the reinsurance industry.

“I am thrilled and honoured that they have agreed to join us to help expand our reinsurance underwriting platform.”

Mr Wafer was chairman of global reinsurance for Bermuda-based Alterra Capital Holdings from 2012 until it was taken over by Markel Inc last May.

He was previously chief executive officer of reinsurance at the same firm and president of Alterra Reinsurance USA.

Mr Norton was chief actuary at Alterra Reinsurance USA from its start-up in 2010 and also left the firm after the Markel takeover. Prior to the merger of Harbor Point and Max Capital merger that created Alterra, Mr Norton was chief actuary of Harbor Point and chief actuary of its predecessor firm Chubb Inc.