Private equity specialist Apollo Global has hired Brad Livingston from Willis Re Securities, an executive with some 14 years of insurance-linked securities (ILS) experience who will now originate P&C opportunities for the private equity investor.
Livingston has had an ILS and alternative reinsurance capital focus throughout his career, having begun at reinsurance broker Guy Carpenter’s capital markets unit GC Securities from 2007 to 2013.
He then joined Willis Towers Watson Securities in 2013 as a Vice President of Insurance-Linked Securities (ILS), and continued his practice of developing and structuring property catastrophe reinsurance treaty opportunities for institutional investors for four years.
After that, Livingston joined AXIS Capital in 2017 and worked his way up to become Head of Third Party Capital there.
He then moved back to Willis Towers Watson again in 2019, becoming a Director in Willis Re Securities where he stayed for two years before being hired by Apollo.
The private equity investment giant is not as well known for its activities in the property and casualty insurance and reinsurance space as it is in the life and annuities sectors.
However, P&C has become an area of increasing interest for Apollo, both in investing into new start-ups and growth opportunities (given the PE capital wave recently seen), as well as in finding innovative ways to develop structures that enable it to raise more third-party investor capital and deliver it into underwriting business, as Apollo has been seen to do in the life and annuities space.
Livingston’s career in insurance-linked securities (ILS) will be invaluable expertise for Apollo’s efforts to originate P&C insurance or reinsurance opportunities that deliver on its investors return expectations, or allow it to deploy significant capital into growth businesses.
Apollo said that Livingston joined as a Principal Structured Finance hire and will focus on analysing and originating opportunities in the property and casualty (P&C) insurance sector for the company.