A new insurance-linked securities (ILS) and reinsurance linked investment fund vehicle, named Lutece Holdings Ltd., is being set up and prepared for launch by experienced ILS structuring and broking specialist Erik Manning, Artemis understands.
Lutece Holdings Ltd. is a Bermuda based holding company that we’re told will become the fund manager behind a new ILS venture, of which Erik Manning will be the CEO. No details are currently available about the strategy or vehicles that Lutece Holdings will use to access reinsurance and ILS business.
Manning had most recently been with reinsurance broker Aon Benfield, but we understand that he left the firm at the end of February 2017 in order to focus on getting Lutece Holdings ready for launch, where he will take the role of Chief Executive Officer (CEO).
Manning has a long history in the insurance-linked securities (ILS), catastrophe bond, collateralised reinsurance, retrocession and industry loss warranty (ILW) markets, having spent time working on all sides of the ILS deal.
Manning worked at RK Carvill in London as a reinsurance broker focused on cat bonds, contingent capital, and credit hedging strategies, early on in his career, before moving to ABN Amro Bank where he structured insurance-linked securities as part of a managing director role.
He then spent time at Deutsche Bank (also based in London), where he was mainly responsible for originating and structuring non-life insurance linked securities.
After that Manning moved to Bermuda with broker Guy Carpenter, developing the brokers retrocession market-based reinsurance solutions and retrocession market capacity on behalf of its global clients. He then went to Markel Re, heading up the company’s alternative solutions and leading Markel’s relationships with insurance-linked securities (ILS) markets and investors. Finally, in late 2015, Manning moved to Aon Benfield as a managing director.
Now Manning is seeking to launch Lutece Holdings Ltd. as a Bermuda domiciled ILS fund management vehicle, we understand, which given his track record and relationships across both the cedent and investor side of ILS and reinsurance is eminently achievable.
Launching new ILS managers is no easy task, of course, with the market already having a plethora of existing managers of different sizes. However Manning clearly has a track-record and contacts that will be attractive to potential investors and an ability to access risk that is perhaps the key requirements today.
We understand that Lutece Holdings may not be the only new ILS venture being worked on in Bermuda right now. Sources suggest that there is at least one more under development at this time, again with the leadership of an experienced market executive. We’ll bring you more details as and when we can.