Michael J. McGuire has been appointed Chief Executive Officer of insurance-linked securities (ILS) and third-party reinsurance capital manager Blue Capital Management Ltd. after Adam Szakmary resigned from all his executive positions and directorships with the company.
McGuire is the current Chief Financial Officer of Bermuda insurance and reinsurance firm Endurance Specialty Holdings Ltd., which owns ILS manager Blue Capital Management and is a wholly owned subsidiary of Sompo Holdings, Inc. after Sompo acquired Endurance.
Szakmary became CEO of Blue Capital back in 2015 after its founding CEO Bill Pollett resigned, not long after the acquisition of reinsurer Montpelier Re which had been the founding owner of Blue Capital and its various collateralized reinsurance vehicles. Szakmary had previously been the portfolio manager and underwriting director for the Blue Capital vehicles.
Szakmary’s resignation was effective as of 21st April 2017 and McGuire has taken over as CEO of the investment manager, as well as of the firm’s U.S. stock exchange listed reinsurance company Blue Capital Reinsurance Holdings Ltd.
McGuire has had executive responsibility for and has been a director of Blue Capital, as well as bein Chairman of the Board for Blue Capital Reinsurance Holdings Ltd. since August 2015.
McGuire has been with Endurance since 2003 and held the role of CFO since 2006, a role he will continue in alongside his new leadership at Blue Capital.
Also announced today is a new director for the New York Stock Exchange listed Blue Capital Re, with John V. Del Col named a Class B director. Del Col has been the General Counsel and Secretary of Endurance since 2003.
No further details are available on Szakmary’s resignation and it’s not known whether he has left the company entirely at this time.
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