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McConachie resigns from Third Point Re board

Stepping down: Neil McConachie has resigned from the board of Third Point Re

Neil McConachie, a veteran of Bermuda’s reinsurance sector, has resigned his position as a director of Bermudian-based Third Point Reinsurance Ltd.

Mr McConachie’s resignation on July 1 was effective that day, according to a regulatory filing made by Third Point Re with the US Securities Exchange Commission. He had served as a director of the hedge fund-backed reinsurer’s board since December 2017.

Mr McConachie is a well-known figure in the Bermudian reinsurance industry, having previously served in top positions at Lancashire Group, Montpelier Re Holdings Ltd, and Fidelis Insurance.

He joined Lancashire in 2006, and variously served as the organisation’s president, chief operating officer, chief financial officer and chief risk officer.

At Montpelier, until leaving in 2006, Mr McConachie was senior vice-president, treasurer and chief accounting officer.

Before joining Third Point, Mr McConachie was group chief financial officer of Fidelis, a company that he co-founded.

Risk Market News, an online service based in the United States, reported yesterday that Mr McConachie’s resignation came just weeks after Fidelis announced the creation of Bermudian-based Socium Re Ltd, a $50 million special purpose insurer set up to provide collateralised capacity support for Fidelis’ reinsurance portfolio.

Mr McConachie has vast experience in debt and equity capital markets transactions, including the initial public offerings of Lancashire and Montpelier.

He is a member of the Chartered Accountants of Scotland. Mr McConachie earned a bachelor’s degree in accounting and finance from Heriot-Watt University in Edinburgh, and a master’s degree in business administration, with distinction, from Edinburgh Business School.