Global independent brokerage Price Forbes has announced a new key hire in Bermuda, as the company appointed Nicolas Bardon as Executive Vice President, bringing retrocessional reinsurance and industry-loss warranty (ILW) capabilities to the firm.
Bardon is a specialist retro broker and industry loss warranty (ILW) are a key product offering he has experience with, having transacted with traditional and alternative markets.
He joins Price Forbes from Bermuda Brokers, where he worked as a producing broker across a number of product lines.
Before that Bardon worked in the JLT Re / Guy Carpenter Retrocessional Property team.
Price Forbes said Bardon’s appointment strengthens the firms presence in Bermuda and Bardon will be targeted with bringing reinsurance clients bespoke products to fit their needs.
He will work closely with Nick Foden-Pattinson, President of Price Forbes Bermuda.
Bardon commented on his hire, “I am delighted to join Nick Foden-Pattinson and the broader team at Price Forbes and Ardonagh to expand their client offering.
“The ILW market has been very active since the beginning of the pandemic over a year ago. Last year’s price increase attracted the traditional markets as well as the start-ups to write ILWs and we anticipate that buyers’ appetite for these products will remain strong at renewal. The reinsurance market, especially in Florida, and the retro market have an impact on ILW prices and the actual outcome suggests some price stabilization and growing trading activity especially in light of the potential increase of natural catastrophe frequency.”
Foden-Pattinson added, “We’re delighted to have attracted someone of Nic’s expertise and experience to expand the business. Price Forbes Bermuda and the Ardonagh Group is committed to delivering independent placement and advice to clients across the world and Nic’s appointment will help us to deliver on our commitment.”