PIMCO (Pacific Investment Management Company LLC) continues to build-out its new insurance-linked securities business, adding another experienced reinsurance and ILS professional in Michael Beck, formerly the COO of Mt. Logan Re.
PIMCO, which is an asset manager owned by insurance giant Allianz S.E., launched the PIMCO ILS Business in January, announcing the appointment of Rick Pagnani to lead the new insurance-linked securities (ILS) operation.
Beck has joined PIMCO as a Senior Vice President, ILS Portfolio Management, bringing his years of experience to the asset manager as it scales up readying to deploy capital into the reinsurance market.
Beck, who is located in New York, had most recently worked for Mt. Logan Re Ltd., the collateralized reinsurance operation of re/insurer Everest Re.
He had worked for Mt. Logan Re for three years as its Chief Operating Officer (COO). Of course the former Mt. Logan Re CEO Rick Pagnani is now heading up PIMCO’s new ILS Business operations.
Prior to his time at Mt. Logan Re, Beck had worked at insurance giant AIG for almost seven years, holding roles including the Deputy Chief Underwriting Officer, Global Property and Vice President, International Commercial Property.
He also has experienced gained from working at reinsurance firm PartnerRe, Swiss Re, Zurich, General Re and also worked at Quanta Holdings. In some of these roles we understand Beck worked alongside the new PIMCO Head of ILS Rick Pagnani as well.
PIMCO also recently added two more ILS and collateralized reinsurance experienced team members in Bermuda, in Vijay Manghnani as Senior Vice President, ILS Risk & Analytics, and Juan Prado as Senior Vice President, ILS Finance and Operations.
Now with an SVP of ILS Portfolio Management in place as well in Beck, PIMCO is clearly building out an operational structure to support growth into the sector and to establish a solid foundation to build on its ambitions in the ILS asset class.
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