Hamilton Re promotes three. Kathleen Reardon becomes CEO

Hamilton Insurance Group, the holding company for Bermudian asset management backed reinsurer Hamilton Re, announced three promotions at the reinsurer yesterday, including the promotion of Kathleen Reardon to CEO of Hamilton Re.

CEO of Hamilton Insurance Group Brian Duperreault announced that Kathleen Reardon had been promoted to Chief Executive Officer of Hamilton Re, the Group’s Bermuda-based Class 4 property casualty reinsurer. Reardon, a founding member of Hamilton Re’s management team, was Chief Underwriting Officer of Property.  In the new role, Reardon will lead Hamilton Insurance Group’s  Bermuda-based reinsurance business.

“I’m delighted to announce Kathleen’s well-deserved promotion,” commented Mr. Duperreault. “She is a consummate professional who has earned the respect and admiration of our clients, shareholders and employees for her astute business acumen, deep industry knowledge and collegial working style.  It’s my pleasure to entrust Hamilton Re to Kathleen, and I look forward to working with her as she continues to build on the success of our reinsurance business.”

“It’s a privilege to be given the chance to lead the growth of Hamilton Re as a premier reinsurer,” Reardon said. “While the current market is challenging, we have built a solid foundation with almost 200 clients. With Brian’s support and Hamilton Re’s expert management and staff, I am confident that we will provide superior value to our clients and shareholders.”

Reardon formerly served as Chief Underwriting Officer SVP for ACE Tempest Re Bermuda’s International Property Catastrophe reinsurance business. Prior to joining ACE Tempest Re, Ms. Reardon worked from 2000 to 2005 at ACE Financial Solutions International, first as AVP Underwriting and then as VP Underwriting.

Duperreault also announced two other senior promotions. Tim Duffin, Senior Vice President, Property, will take over the role of Chief Underwriting Officer, Property, and Claude Lefebvre, Chief Underwriting Officer, Casualty, has been given the expanded role of Chief Underwriting Officer, Casualty and Specialty.

“Both Tim and Claude are indicative of Hamilton Re’s significant bench strength and the talented team of underwriters that continues to distinguish this company,” said Duperreault.

Lefebvre, a member of Hamilton Re’s founding management team, has over 20 years’ experience in the reinsurance industry, including three years as Head of Casualty Underwriting at Arch Reinsurance in Bermuda and three years as Vice President of CNA Re in Chicago.

Duffin has 17 years’ reinsurance industry experience in the Bermuda and London markets. From June 2009 until October 2012, Duffin was a property catastrophe underwriter at Platinum Underwriters Bermuda. From October 1998 to May 2009, he worked as a broker for Aon in London and Bermuda (from September 2004), where he was a part of the global retrocession team.

Hamilton Re expects to follow a more aggressive investment strategy than a traditional reinsurer, more akin to a hedge fund backed strategy, while following a more volatile underwriting strategy than a hedge fund backed reinsurer would typically employ. It’s a way for the firm to to differentiate itself with a more active investment strategy on the asset side of the business, provided by hedge fund and investment manager Two Sigma.

This makes the firm an interesting opportunity for investors and also something to watch in terms of a different take on the more typical reinsurer business models.

It’s a model that is now beginning to spread to incumbent reinsurers looking to boost lagging underwriting returns with a more active investment strategy. Platinum Underwriters Holdings announced just the other day that it might pursue a more active, higher risk/return investment strategy to boost its returns.