One of the insurers partnered with by Bermuda headquartered ILS fund and investment manager Resolute Global Partners, (formerly ILS Capital Management) has made a high-profile CEO appointment, with Don Matz, previously of Floridian insurer Tower Hill joining its Producer’s National Corporation.
Resolute Global Partners has investments and partnerships with a number of carriers that sit under the Producer’s National Corporation umbrella, as it looks to partner with companies it feels have the right approach to developing new ways of originating and underwriting business, as well as source risk for its insurance-linked securities (ILS) fund offerings.
Producers National said that Donald Matz, Jr. (Don Matz) has been hired as President and Chief Executive Officer of PNC, effective August 15th 2022. .
Matz was most recently the President of Tower Hill Insurance Group, one of Florida’s largest property insurance carriers, so comes with a wealth of experience.
Tom Libassi, Co-Founder and Managing Partner of Resolute Global and Chairman of the PNC Board of Directors, commented on the news, “We are pleased to welcome Don to the PNC team at an exciting time in the company’s growth and development. His leadership and expertise will be a tremendous asset as we continue to focus on building a nimble, flexible insurance company, enhancing the customer experience, and increasing underwriting profitability.”
In his time at Tower Hill, Matz led initiatives including the launch of Tower Hill’s private flood program, its multi-policy marketing partnership with Safeco Insurance, and also the launch of the Tower Hill Insurance Exchange.
Before he became President of Tower Hill, Matz worked as Senior Vice President of Operations and Chief Operating Officer.
In his time as President, Matz was also CEO of Tower Hill Preferred and Tower Hill Signature Insurance Companies and CEO of Tower Hill Risk Management, the Attorney-in-Fact for Tower Hill Insurance Exchange.
Before he joined that company he was President of Cleveland Operations for Managed Care of America, Inc.
Resolute Global Partners approach to insurance and reinsurance linked investing is a little different to typical ILS fund managers, as the company likes to partner with and invest in companies that it feels it can help to develop and grow, as well as provide capacity for, rather than purely sit at the reinsurance end of the value-chain for them.
Just the other week we reported that Resolute Global’s reinsurer Prospero Re had made a senior appointment to its Board, in securing the services of well known insurance and reinsurance industry leader Martin Reith and yesterday that the reinsurer is reported to have exceeded expectations on executing its new business plan.