SAC Re the Bermuda based Class 4 reinsurer backed by Steven A. Cohen, the billionaire hedge fund manager and founder of SAC Capital Advisors LP, has announced four new hires as they build up their teams capabilities. The hedge fund backed reinsurance play launched in July having raised $500m of capital in a private placement of the equity securities of its parent, S.A.C. Re Holdings, Ltd.
S.A.C. Re Ltd. announced that it has filled several key management posts in its property reinsurance, finance and risk management teams.
First, Kathleen Reardon has joined SAC Re as Chief Underwriting Officer for their property reinsurance business. Prior to joining SAC Re, Ms. Reardon was Chief Underwriting Officer International at ACE Tempest Re Bermuda for seven years.
Next, Tim Duffin has joined SAC Re as Senior Vice President, Underwriter – Property, reporting to Ms. Reardon. Mr. Duffin was most recently a property reinsurance underwriter for Platinum Underwriters Bermuda.
In finance, Vanessa Hardy Pickering, has joined as Group Controller, reporting to the CFO. Prior to joining SAC Re, Ms. Hardy Pickering was Senior Vice President, Controller for Ariel Re Bermuda Ltd.
Finally Susan Smith joined SAC Re on October 1 as Senior Risk Analyst, reporting to the Company’s Head of Risk and Analytics. Ms. Smith was previously a Senior Risk Analyst at Montpelier Reinsurance Holdings Ltd.
SAC Re Chief Executive Officer, Simon Burton, commented; “We are delighted to have Kathleen on board to lead our property reinsurance team going into the January renewal season. Her strong analytical background and deep market knowledge will be instrumental in building our property reinsurance business. In addition, we could not be more pleased with the calibre of candidates seeking to join our team at all levels. Tim, Vanessa and Susan each have deep experience in their roles and are terrific additions to the team.”
We suspect SAC Re will be very busy deploying their capital at the January renewals which will be their first real test in the property reinsurance market with this new team. They are one of the many new hedge fund or capital market backed sources of capacity who are expected to compete strongly with the more traditional reinsurers for business in future.