Insurance and reinsurance group Lancashire Holdings has already found a replacement hire to head up its newly created third-party capital management brand Lancashire Capital Management after its previous head, Simon Fascione, recently resigned. Lancashire announced this morning that Darren Redhead, previously of hedge fund reinsurer D.E. Shaw Re, has been appointed as Head of Lancashire Capital Management division (“LCM”).
Shortly after it launched the Lancashire Capital Management division, Lancashire lost the head of the new division after long-time chief underwriting officer Simon Fascione left the firm. It hasn’t taken Lancashire long to find a suitable person to head up its ambitions to grow its third-party reinsurance capital management operations under the new divisional structure and Redhead has just the kind of track record that will help to encourage investors after Fascione’s departure.
Darren Redhead previously served as Chief Underwriting Officer of D.E. Shaw Re (Bermuda) Ltd, part of the hedge fund-backed property catastrophe reinsurer operated by the D.E. Shaw hedge fund. Before moving into the hedge fund reinsurer world Redhead spent time as a syndicate deputy underwriter for Lloyd’s syndicate Talbot Underwriting Ltd., where he was responsible for all reinsurance underwriting, reinsurance purchasing, and structuring and raising syndicate capital.
Richard Brindle, Lancashire CEO commented on the hire; “I am really pleased that Darren is joining us. He is a well known industry figure and will be most helpful in developing our plans for LCM”.
Commenting on his appointment, Darren said; “I am excited to be joining a company such as Lancashire which has a very strong and proven track record. I look forward to heading up LCM and building upon the firmly established foundations that Lancashire has created in the management of third party capital”.