Hiscox appoints two to ILS subsidiary Kiskadee Investment Managers

Bermuda-headquartered, London-listed insurance and reinsurance group Hiscox has announced two appointments to Kiskadee Investment Managers, Hiscox Re’s insurance-linked securities (ILS) asset management subsidiary.

Richard Lowther, previously Chief Operating Officer at Validus Group’s AlphaCat Managers Ltd. ILS subsidiary, joins Kiskadee Investment Managers as Chief Operating Officer. Lowther will be based in Bermuda and will be responsible for the development of the overall infrastructure of the Kiskadee business as well as its day-to-day ILS investment management operations.

While at AlphaCat Managers, Lowther was responsible for developing the firms ILS investment management structure and operational processes. Before AlphaCat, Lowther was a Partner with JLT Insurance Management and also worked with Marsh Management Services.

The second appointment announced this morning is of Alan Cossar, the former Chairman of the Bermuda Monetary Authority. Cossar joins Kiskadee as Non-Executive Chairman for the two new Kiskadee ILS funds managed by Kiskadee Investment Managers.

Cossar was Chairman of the Bermuda Monetary Authority from 2010 through until 2012, before which he spent 29 years with Aon Captive Services Group, serving as Group Managing Director, Americas region, until 2005. Cossar was elected to the executive committee of the Bermuda Insurance Management Association in 1990 and served as President from 1996 to 1997 and as an Alternate from 2002 to 2005.

Jeremy Pinchin, Hiscox Re’s CEO, commented on the appointments; “The successful launch of Kiskadee offers a truly differentiated proposition to ILS investors; combining superior risk selection, diversification and portfolio design whilst leveraging the best of Hiscox Group and its experience of third party capital management.”

Kiskadee’s operations consist of a collateralized reinsurance sidecar Kiskadee Re which was launched at the mid-year of 2013, as well as two insurance-linked securities investment funds which are both also branded Kiskadee.

Hiscox deployed approximately $110m of its own and third-party sourced capital through collateralised reinsurance and its insurance-linked securities (ILS) funds at the beginning of this year.

“Richard Lowther’s operational ILS expertise will play a crucial role as we continue to scale up our operations, while Alan Cossar will provide valuable insight and guidance to our Kiskadee management team. I look forward to welcoming them both from 1 April, 2014,” added Pinchin.