Craig Wenzel, a well-known senior executive in the alternative reinsurance capital and insurance-linked securities (ILS) space, has departed from his current role at re/insurance giant XL Catlin to take up a position at private investment manager Gallatin Point Capital LLC.
Craig Wenzel has joined private investment firm Gallatin Point Capital LLC as a Managing Director.
The company focuses on opportunistic investments in financial institutions, services and assets, with a strong alternatives focus and was founded by Matthew Botein (previously Co-head and Chief Investment Officer of BlackRock Alternative Investors, a partner at hedge fund Highfields Capital Management and a principal of The Blackstone Group) and Lewis A. Sachs (Co-Founder and Chairman of investment manager Alliance Partners and who previously served at the U.S. Treasury Department).
Gallatin Point Capital’s strategy is to, “identify opportunities that arise from complexity, dislocation or changes in technology and regulation that create the potential for outsized returns per unit of risk,” the firm’s website explains.
Given the changes occurring in the reinsurance marketplace and the way alternative sources of capital, alongside capital markets techniques and structures have disrupted the traditional business model, re/insurance seems an appropriate sector for the firm to focus on.
Gallatin Point Capital also seeks out opportunities that are uncorrelated in nature, a key selling point for investing in ILS and reinsurance linked assets.
Wenzel was most recently leading all things alternative reinsurance capital for XL Catlin, in the role of Managing Director and Head of Alternative Capital for the re/insurer.
That position saw him working on initiatives in the alternative capital and ILS space, as well as total-return reinsurance. He was responsible for initiatives that leveraged alternative capital sources and financial markets techniques to leverage XL’s underwriting knowledge to develop new products for its investors and cedents.
Specialist Bermuda-based ILS investment fund manager New Ocean Capital Management Ltd. was one such initiative.
Before his time at XL, Wenzel worked at Deutsche Bank from 2005 to 2013 as a Director, focused on capital solutions for reinsurers, alternative capital and ILS products, including collateralized sidecars, catastrophe bonds and other arrangements. Wenzel also spent nearly five years at J.P. Morgan as an Associate.
Wenzel’s experience in the alternative reinsurance capital and ILS sector, depth of knowledge and broad array of contacts will bring significant value to Gallatin Point Capital if it is exploring an entry into this space.
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