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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program. -
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The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.
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He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.
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The multi-peril bond will cover all 50 US states and the District of Columbia.
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The reinsurance recoverables from Lorenz investors were up by 56% to $921mn in the 2022 year.
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The ILS expert had joined as a portfolio manager in 2018 from Ontario Teachers’ Pension Plan.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
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The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.
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Should reinsurers retain the option of playing in ILS, or take a ‘go hard or go home’ approach?
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The capital commitments to the vehicle have expired.
