Bermuda based insurance-linked securities and collateralized reinsurance investment manager ILS Capital Management has expanded into London, with a new office, added a number of new hires and also joined forces with an MGA focused on weather risk management and insurance products.
The London office will be staffed by John Warwick, previously a consultant to ILS Capital, and new hire John Haggerty. Both are highly experienced reinsurance underwriters, with a focus on specialty lines.
Haggerty will focus on marine and energy reinsurance opportunities, while Warwick will cover international (non-US) property and weather risks. Warwick’s weather insurance MGA business, ExcessWeather, is becoming part of the ILS Capital Management stable and being folded into the London operations.
Don Kramer, founder and chairman of ILS Capital, commented on the reason for the new focus on the London market, saying; “While property catastrophe reinsurance is centred in Bermuda, London is the centre for the specialty reinsurance market.”
“ILS Capital is a progressive business and I am determined to stay a step ahead of our peers. John Haggerty and John Warwick’s 60 years combined reinsurance experience in the London market gives us an unprecedented opportunity to expand our operation,” he added.
In addition ILS Capital announced the appointment of a new CFO and property catastrophe underwriter in its head office in Bermuda.
Teresa Gallant, previously a senior account manager at ILS focused insurance management and administration firm Prime Management, has been appointed as CFO, while Glenn Clinton has joined the business to head up US property underwriting.
Clinton joins ILS Capital from Tower Reinsurance, Ltd., Bermuda, where he was president and chief underwriting officer, and managed a $360m book of property quota share excess of loss reinsurance business.
Kramer commented on the announcements; “These senior appointments add considerable strength to ILS Capital’s team.”
The addition of the new hires will help ILS Capital to expand, while adding the weather risk business, which ILS Capital had been a capacity provider to, while help with diversification and add new options to the portfolios the ILS manager builds.