Stephen A. Velotti has been promoted to the role of Chief Executive Office (CEO) at Bermuda-based insurance-linked securities (ILS) and reinsurance-linked investment manager Pillar Capital Holdings Limited effective immediately. Mr. Velotti joined Pillar Capital in 2008 and until this promotion held the roles of Chief Underwriting Officer and Chief Investment Officer.
Mr. Velotti brings 25 years of insurance and reinsurance market experience to the role of CEO at Pillar Capital, including particular expertise in property underwriting. He joined Pillar Capital as a portfolio manager in 2008, was promoted to Chief Underwriting Officer in June 2009 and then to Chief Investment Officer in March 2011.
The Pillar Board of Directors commented on the announcement; “Steve has played an integral role in helping Pillar assemble a track record that has exceeded our expectations in our first five years of operations. His appointment as Chief Executive Officer is a natural next step for both Steve and the Company and we are looking forward to Pillar’s future growth and success under his leadership.”
“I am delighted to lead Pillar as we move to our next stage of growth,” said Mr. Velotti. “We’ve just celebrated our five-year anniversary, a very significant milestone for the fund, and we’re well positioned to execute on our strategic roadmap for the future. We enjoy the strong backing of an outstanding sponsor group led by our largest non-management investor, Transatlantic Holdings, and we are focused on expanding our investor base, adding more talent to our core team and scaling our operations. It’s an exciting time for Pillar.”
Piller Capital is an asset manager focused on providing its investors with attractive returns by deploying capital into underwriting collateralized reinsurance and catastrophe insurance-linked securities.