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The former Aspen Capital Markets COO hopes to set up fronting partnerships for reinsurers wanting to build out in ILS. -
The world’s largest investment company has assets under management of more than $10tn.
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The former Lancashire treaty underwriter had worked at the ILS platform since October 2021.
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The move follows Sal Tucci’s departure from the firm to set up Jireh Risk Advisors.
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For the ILS market, perhaps more than any other, the outcome of this year’s high inflation is still to be determined. Unlike other industries that are suffering increased immediate costs, this sector’s performance – as always – is ultimately driven by events no one can foresee.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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The former analyst at Aeolus joins the growing number of ILS experts to join the firm.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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The syndicate’s growth headroom is somewhat constrained compared to the Lloyd’s market average.
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The ILS firm’s CEO Nilsen said life ILS was “poised for growth in a higher interest rate environment”.
