Armour Group, the Bermuda-headquartered P&C legacy or run-off reinsurance specialist and founder of ILS Investment Management (ILSIM), has announced that it has hired former Lloyd’s of London CFO as its new Group Chief Financial Officer.
Parry, who left Lloyd’s recently having helped it to begin a more serious search for participation from insurance-linked securities (ILS) capital, is set to join Armour Group in June and report directly to the firms Group Executive Committee.
Brad Huntington, Armour Chairman and Chief Executive Officer, commented on the hire, “We are delighted that John has agreed to join Armour as Group CFO. He has impeccable financial services and regulatory credentials and will bring a wealth of experience and knowledge to our group. I am looking forward to working closely with him as we continue to execute our strategy successfully.”
“I am pleased to join Armour and excited about the significant opportunities for growth and development of the company. Armour has a best-in-class team and I look forward to working with them to further the company’s strategic objectives,” added Parry.
Parry has extensive insurance industry experience, most recently gained as Chief Financial Officer for Lloyd’s of London, where he led the financial reporting of the Market’s results and capital adequacy, as well as treasury and investment management.
He also oversaw the tax affairs of the Society of Lloyd’s and the Market in the UK and overseas.
Before he joined Lloyd’s in 2001, Parry was Finance Director of a number of Lloyd’s Managing Agents.
He has been instrumental in Lloyd’s getting close to ILS capital, although those efforts have yet to pay off meaningfully. But without Parry’s work at Lloyd’s it’s unlikely we would see the ILS backed syndicates and SPS’ that we have seen to date.
Armour, which was founded in 2007 by Brad Huntington and John Williams, works closely with insurance-linked securities (ILS) funds, in particular those under the management of the Credit Suisse Asset Management (CSAM) insurance-linked strategies team for who it advises and assists on a successful ILS fund focused on property and casualty run-off opportunities.
Armour in early 2018 raised a $500 million investment round led by private-equity specialists Aquiline Capital Partners to fund its further growth.
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