ILS
News in brief
With many new products being launched, and re/insurers scrambling to attract executives to help them meet demand, there has been plenty of ILS news to keep up with at Bermuda:Re+ILS. Here are some of the top stories we have covered in recent weeks.
Gallagher Re hires
Global reinsurance broker Gallagher Re has recruited Aon Securities’ insurance-linked securities (ILS) specialist to help bring new and alternative capacity into the global cyber reinsurance market, stating that the demand for cover is growing “significantly”.
Theo Norris has joined Gallagher Re’s 40-strong cyber reinsurance team as a dedicated cyber ILS broker. Norris will build and lead the development of the broker’s capabilities and expertise in this highly specialist area.
Howden at COP26
David Howden, CEO of broker Howden Group, has appealed to senior leaders in the global investment, humanitarian and philanthropic communities to create a market that helps close the widening gap in disaster relief funding.
The call to action formed part of a keynote speech in which he addressed delegates at the World Climate Summit at COP26. Despite governments, foundations and individuals continuing to pour public money into disaster relief, the funding shortfall has never been wider, rising from $1 billion 20 years ago to $20 billion today.
Acrisure Re bolsters ILS team
Acrisure Re, the reinsurance division of broker Acrisure, has bolstered its presence in London and Bermuda with hires from Ed Broking and Securis ILS.
Ian Wicks joins as executive vice president based in London. He will report to partner Nigel Dane. His new role at Acrisure Re will focus on the casualty side of the business with a broader strategic role in the reinsurance division. Simon Arnott joins as senior vice president, based in Bermuda. He will report to Clark Hontz, president of Acrisure Re Bermuda.
Muschett joins Elementum
Elementum, the Bermuda investment manager specialising in collateralised and ILS deals, has appointed Jacqueline Muschett as managing director, head of actuarial and valuations, in its Bermuda office.
Muschett joins Elementum from Hudson Structured Capital Management, where she served as managing director, head of valuations.
Markel shutters Lodgepine
Markel Corporation has announced it is winding down Lodgepine Capital Management, its retrocessional ILS fund manager based in Bermuda.
The re/insurer launched Lodgepine in 2019, with product offerings focused on property catastrophe retrocessional investments. In 2021, it wrote a portfolio of property retrocessional business that consisted of approximately $230 million of initial limits.
ILS for cyber
Aon global head of cyber Catherine Mulligan has said the sector needs to support the creation of long-term stable capacity, stressing that interest from alternative capacity for cyber is building.
“This will be something the market needs as traditional capacity becomes constrained,” she said. “We have already sourced $70 million of collateralised capacity this year and we are working with Aon Securities to increase the appetite for cyber among alternative investors.”
Allianz alternative risks Americas head
Allianz Global Corporate & Specialty (AGCS) has appointed a new permanent regional head of its alternative risk transfer (ART) business in the Americas.
Thomas Houlihan will lead AGCS’ ART division in the region. Based in New York, he will report to Grant Maxwell, global head of alternative risk transfer.
AXIS hires from AXA XL and Securis
AXIS Capital Holdings has hired senior AXA XL and Securis executives as it looks to expand its recently rebranded ILS and third-party capital business unit AXIS ILS.
Patrick Witteveen and Kyle Freeman have joined as head of AXIS ILS business development, and head of ILS structuring property, respectively.
