Global reinsurance firm TransRe, which operates as Transatlantic Holdings, Inc. and its subsidiaries such as Transatlantic Reinsurance Company, and is owned by Alleghany Corporation, has appointed Kyle Rhodes as its Global Head of Business Development, a role that will see him assist on the third-party capital side.
TransRe leverages third-party reinsurance capital for itself and its clients, with its Pangaea sidecar series perhaps the best known of its ILS and alternative capital structures.
The firm’s TransRe Capital Partners unit helps to bring together its retrocession, sidecar and other initiatives where it works with third-party capital providers, but the new Head of Business Development will also assist in connecting TransRe’s access to capital with its clients.
In the role Rhodes will support the leaders of TransRe’s business units and underwriting teams, as well as adding value to key customers and brokers, helping to develop additional profitable growth for the reinsurer.
He will be tasked with creating stronger, strategic alliances with both customers and brokers, as well as facilitating more frequent engagement with senior broker and client partners to identify specific opportunities and initiatives.
As well as these responsibilities, Rhodes will “assist in the delivery of TransRe’s access to third party capital for clients,” the company said.
One of the key pieces of the puzzle for a traditional reinsurer leveraging third-party capital from institutional investors is finding a way to use it for more than just retrocession.
Leveraging third-party capital to provide better products and services to your clients is a far more profitable way to ensure that the work with the capital markets is complementary and not going to erode existing profitability or simply compete with a reinsurers own balance-sheet.
Rhodes has worked at TransRe for 11 years in a number of leadership roles, before which he spent 9 years with Employers Re.