Bermuda based investment management firm ILS Capital Management, Ltd., which specialises in delivering its clients investment opportunities in collateralized reinsurance and insurance-linked securities, has announced two new hires to its team. The firm which was established in 2011 by reinsurance industry veteran Don Kramer has been focused on raising capital, and aims to launch its first fund in time for the mid-year reinsurance renewals.
The first of the new additions is Tom Libassi, who has been hired as Vice Chairman and will hold a place on ILS Capital Management’s Investment Committee. Libassi will be responsible for global business development at the firm, including discussions with capital providers, investors and building and maintaining other key strategic relationships. Libassi has a hedge fund background, coming from a Managing Director role at hedge fund Strategic Value Partners where he focused on U.S. business development and strategic relationships. Before joining Strategic Value Partners, Mr. Libassi was Senior Managing Director at investment advisor GSC Group, where he focused on sourcing, evaluating and executing distressed debt transactions.
The second new hire is Paul Nealon who joins ILS Capital Management as Chief Risk Officer. In this new role Nealon will be responsible for all aspects of the firm’s internal risk management process including portfolio risk exposures, compliance and counter-party risks. Prior to joining, Nealon was Chief Investment Officer and Chief Risk Officer at reinsurer Ariel Holdings Ltd. where he was responsible for directing their investment and risk processes. Prior to Ariel, Mr. Nealon held several senior management positions in the ACE Group, including EVP ACE Asset Management, Senior Underwriter and Financial Risk Manager.
Don Kramer, Chairman, CEO and founder of ILS Capital commented; “We are very fortunate to welcome Tom and Paul to the ILS team. They are highly regarded investment and insurance professionals that have a great understanding of the ILS marketplace.”
ILS Capital Management has also lost one of its early hires as Jerome Faure, who was Chief Underwriting Officer, leaves the firm to take a senior position at a top-tier reinsurer. Don Kramer added; “We wish Jerome much success and appreciate his efforts helping form ILS Capital.”