With new offices on Pitts Bay Road and a dozen employees, reinsurance newcomer Third Point Re has formally begun operations in Bermuda.Third Point Re’s chairman and CEO John Berger said he and his staff moved into their new offices at Chesney House on the Waterfront this month. He said several Bermudians were among the nine employees hired so far, including administrative and secretarial staff and the company’s executive vice president, general counsel and secretary, Tonya Marshall.He said the company was in the process of hiring three more employees.Two former Aon Benfield executives have also been hired, including Rob Bredahl as chief financial officer and chief operating officer, and Dan Malloy as executive vice-president of underwriting.Third Point LLC, an $8 billion New York-based hedge fund founded by Daniel Loeb, is behind the new reinsurer.Mr Berger told The Royal Gazette the company’s level of hiring “depends a lot on the marketplace right now”.“It’s a tough time to be an underwriter,” he said. “We are starting off small and as the market changes we expect we will hire more.”Before joining Third Point Re, Mr Berger was CEO at Bermuda-based Alterra Capital Holdings. He was previously president and founder of Chubb Re Inc and also led Harbor Point Re, which merged with Max Capital last year to form Alterra.He said the decision to launch Third Point Re in Bermuda was due to the Island’s major advantages as a top reinsurance centre.“There are many great advantages to Bermuda,” Mr Berger said. “It’s a very civil place with an established infrastructure and banking industry.“The BMA is a very respected regulator and good to deal with. Bermuda’s proximity to the US is also helpful and it’s not far from London. But overall, most importantly Bermuda is really a reinsurance centre.”Mr Berger said the reinsurer had very strong backing, with $785 in capital, and a goal of raising up to $1 billion.The last “wave” of new reinsurers in Bermuda occurred in 2005, after Hurricanes Katrina, Rita and Wilma caused industry capacity to shrink and rates to rocket.Pac Re, Ironshore and Torus Insurance Holdings have been among the major additions to the ranks of the Class 4 international commercial insurers over the past few years.A slew of Special Purpose Insurers (SPI) have also set up.Leila Madeiros, an officer with the Association of Bermuda Insurers and Reinsurers (ABIR) said the latest incorporations showed the Island’s continued ability to attract capital in the re/insurance market.