Paul Rayner, most recently with capital markets reinsurance brokerage unit GC Securities, has been hired by insurance sector investor Paraline Group, taking a seat on its board and being named as the new active underwriter for its Paraline Syndicate 4242 and SPA 6123.
Rayner replaces the previous active underwriter of the syndicate Megan McConnell, who departed the firm last year to become the new Director of Underwriting for Hiscox Re London.
Rayner will join Paraline Group in April, taking on immediate responsibility for the underwriting of risks for the syndicate.
The syndicate is focused on largely catastrophe exposed property risks, working with managing general agency ICAT currently which provides production, underwriting and risk-management services for Paraline Syndicate 4242.
Rayner will act as the in-house underwriting expert for the syndicate it seems.
He has more than 18 years of experience in global insurance and reinsurance markets, most recently working at GC Securities as a managing director.
In that role he worked on a number of initiatives in the Lloyd’s and Company markets, such as M&A, start-ups and capital raises. Rayner has experience in Lloyd’s capacity, reinsurance and also securities offerings and has worked alongside a number of Lloyd’s syndicates, providing input to business plans, performance appraisal and operational issues, as well as helping to develop growth strategies.
Before his time at GC Securities, Rayner was a director at another reinsurance brokers capital market unit, Aon Benfield Securities. He began his career Deloitte as an audit manager and also worked at Aviva as a finance manager.
Bruce Schnitzer, Chairman of Paraline, commented on the hire, “We are delighted to announce Paul’s appointment as an active director of Paraline. We have built a high-quality portfolio of insurance assets and Paul’s experience and expertise will add greatly to our prospects for future success.
“We have known Paul and respected his capabilities for a long time. He was instrumental in the formation of Syndicate 4242 and has continued to remain close to the business. He also has longstanding relationships with many of its underwriting capacity providers and with ICAT, the syndicate’s primary distribution partner. And, Paul advised in the transaction though which we acquired ICAT and again at the time of our strategic investment in Asta. I am certain that he will take to the role of active underwriter of Syndicate 4242 seamlessly, maintain the business and help develop its strategy for the future.
“We welcome Paul to Paraline.”