Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has announced a senior hire, with former Validus executive Jeff Sangster joining the firm as Partner, CFO and Head of Strategy.
Hudson Structured, doing its insurance and reinsurance investment business as HSCM Bermuda (HSCM), continues to build-out an impressive executive team, with the hiring of Sangster set to bring significant experience, strategic knowledge and reinsurance market contacts to the firm.
Sangster has been appointed Partner, Chief Financial Officer and Head of Strategy, for HSCM Bermuda.
In that role he takes over from Jason Carne, a well-known Bermuda market executive and former KPMG employee who had served as Partner and Chief Financial Officer since 2018 and as an advisory board member since 2017.
Carne will now fill a new role of Executive Chairman of Finance for the firm.
Jeff Sangster is a high-profile hire for the investment manager, having served as Executive Vice President and Chief Financial Officer of Bermuda-based reinsurance company Validus Holdings, Ltd. between February 2013 and August 2018.
Sangster originally joined Validus back in October 2006, serving in a variety of finance related positions in his time at the firm, including Chief Accounting Officer and Chief Financial Officer of Validus Reinsurance, Ltd.
His time at Validus will also have involved significant input into strategic decisions regarding the firm’s work in insurance-linked securities (ILS) and collateralized reinsurance, through its AlphaCat unit.
Before his time at Validus, Sangster worked in reinsurance and finance focused roles at Endurance Specialty Holdings Ltd., Centre Group and Ernst & Young.
Commenting on his appointment Sangster said, “Hudson is a rapidly expanding, innovative organization that has a unique approach to capital management. I am excited to join Michael and the talented team that has been established to explore and create opportunities for investment outperformance.”
Michael Millette, Managing Partner of HSCM, stated, “Having worked with Jeff for many years and witnessed his care, effectiveness and strategic insight, we are delighted to welcome him to our senior team. Jason Carne has built a first-rate finance team and we look forward to continuing to work with him as we grow.”
In addition, HSCM has also promoted employee Rachel Bardon as a Partner and Chief Actuary, subject to immigration approval in Bermuda.
Bardon was one of the original HSCM Bermuda team members, having joined in 2016 as a Managing Director.
She has spent the last three years leading HSCM Bermuda’s efforts in casualty lines focused investing, particularly in the run-off space, as well assisting with its firmwide portfolio modeling efforts.
Bardon commented on the news, “I’ve enjoyed the collaborative and innovative atmosphere at HSCM over the last three years and look forward to many more years with this dynamic team as we continue to grow and evolve.”
Millette added, “Rachel has led our investing in the runoff space, worked on deals across the whole reinsurance spectrum and built both our portfolio analytics and actuarial program. She already serves on our Investment and Valuation committees and we are excited that she is now joining our partnership.”
Bardon previously worked at Montpelier Re as Head of MRe Actuarial & Head of MRH Capital Modeling, working on a Solvency II compliant capital model and managing treaty reinsurance actuarial pricing support function for its Bermuda office. Prior to that she worked at insurer Liberty Mutual for 5 years.
Bardon will lead HSCM’s team of 6 actuaries, which features experts covering both the casualty and life disciplines.
Bardon and Sangster now join Michael Millette, David Andrews, Jason Carne, Simon Fascione, Edouard von Herberstein, Vikas Singhal and Ajay Mehra as Partner’s of HSCM.
As we explained recently, Hudson Structured Capital Management Ltd. continues to attract new investor capital in 2019, having now reached $1.7 billion of reinsurance and ILS in committed capital and assets under management.