Lockton Capital Markets, the unit with an alternative capital and insurance-linked securities focus at the largest independent insurance broker of the same name, has announced the appointment of experienced convergence market exec Ken Pierce as its Chief Executive Officer (CEO).
Insurance and reinsurance brokerage Lockton launched its Capital Markets unit back in 2018.
The company cited a desire to expand into the alternative reinsurance capital space, to be able to offer clients access to a full-suite of risk transfer offerings and capacity sources.
Now the company has appointed Ken Pierce as Chief Executive Officer of Lockton Capital Markets, effective June 1st 2020.
Pierce has 30 years of experience in senior roles related to insurance and alternative asset management, including as a lawyer working on alternative capital structures including reinsurance sidecars, insurance-linked securities and other solutions that connected insurance risks with capital markets investors.
“I look forward to Ken’s leadership of Lockton Capital Markets,” Ron Lockton, Chairman, Lockton Companies commented. “Given his proven track record and exemplary approach to solve complex challenges, the Lockton Capital Markets team will be a great partner to the rest of Lockton with Ken as its CEO. This is another example of industry leading talent joining Lockton.”
“I am very pleased that Ken is joining LCM as our CEO,” explained Michael Calabrese, Executive Chairman, Lockton Capital Markets. “I am confident from our discussions over the years, that he shares our vision to build a Capital Markets business as a specialized team leveraging Lockton’s global platform and collaborating with our various business units to provide creative solutions for insurance companies, asset managers, and corporate clients.”
Pierce most recently worked as the CEO of Vanpoint Advisors, a firm that originated and structured asset portfolio financing transactions for alternative asset managers.
Vanbridge also worked on closed block reinsurance, reinsurance sidecars, and surplus note issuances, providing capital and capital relief for insurers.
The assets of Vanpoint will be merged into Lockton Capital Markets as of June 1st, so some infrastructure is coming along with Pierce’s appointment.
“Lockton Capital Markets will continue to serve as a trusted advisor to the insurance and alternative asset management industries, delivering innovative solutions to our clients,” Pierce said. “We will continue to grow our structured finance practice that brings the insurance and alternative asset management industries together in bespoke, yield-enhancing, capital efficient financing transactions, and our solutions practice, which delivers capital and capital relief to insurers and reinsurers through multiple avenues including closed block and sidecar reinsurance transactions, surplus notes and insurance-linked securities.”
Pierce has a lot of experience in the ILS and reinsurance convergence space, having headed up the insurance practice at law firm Mayer Brown, worked at Morgan Stanley in the team responsible for catastrophe bond and other ILS activities, and spent time at law firm CWT as well, in another reinsurance and capital markets focused role. His career began at Chadbourne & Parke LLP and he also worked at Lehman Brothers during his career.