TigerRisk Capital Markets & Advisory UK Ltd. has named adviser to the Cabinet Office and Chancellor of the Exchequer on issues relating to insurance-linked securities (ILS) Michael Wade as its new non-executive Chair, to help the firm build an ILS practice in London.
Tony Ursano, CEO of TigerRisk Capital Markets & Advisory, commented on the news; “Michael Wade is a highly accomplished and entrepreneurially minded insurance executive and public servant. He recently helped position the London insurance market to become a leading insurance linked securities (ILS) center of excellence. We are excited to partner with him and continue to focus on that agenda.”
Wade worked as The UK Crown Representative for Insurance at the Cabinet Office and most recently as an advisor to the current and former Chancellor of the Exchequer on issues relating to insurance-linked securities. He has played a key role in the UK and London’s ILS and collateralized reinsurance market ambitions.
In the role as non-exec Chair, Wade will advise TigerRisk as it continues to build out its ILS practice in London.
“TigerRisk is fortunate to be joined by someone with such a distinguished a record of leadership and innovation,” Rod Fox, CEO of reinsurance broker and risk capital advisory TigerRisk said. “We’re honored to have him.”
Hugo Crawley, head of TigerRisk’s London office, also said; “As an advisor to the Cabinet Office, Michael Wade was a driving force for the creation of the regulatory framework which will enable ILS to domicile in London.”
The UK’s ILS regulatory framework, which Wade played a key role in pushing forwards through government process, is anticipated to be approved by government later this month and is hoped to be in-force by year-end, so the UK market can begin to transact in ILS.
Wade commented on his appointment; “Joining TigerRisk Capital Markets & Advisory UK Ltd. as Non-executive Chair will give me an opportunity to work within the new ILS regulatory framework. London has the insurers, the distribution, the credibility, the infrastructure and expertise to make it one of the world’s leading ILS domiciles.”
He said he had considered taking roles with other brokers; But TigerRisk is on the map for being a disruptor – in a good way. It has a reputation for innovation, creativity, sophistication, yet has the ability to act quickly and decisively.”
Wade, who will work from TigerRisk’s Leadenhall St. offices, is currently a Senior Non-executive Director of Neon Underwriting at Lloyd’s and a senior advisor to Swiss Re.