Insurance and reinsurance group XL Catlin has announced a new hire to support and help drive the expansion of its alternative reinsurance capital and insurance-linked investments activities, appointing Daniel Brookman as Senior Vice President, Alternative Capital.
Brookman was most recently Head of Capital Markets at Montpelier Re Holdings Ltd. where he worked with major institutional investors, developing investment strategies and relationships in reinsurance and insurance linked investing.
Previously Brookman held senior positions at Barclays Capital, Benfield Advisory and Merrill Lynch’s investment banking division and has more than 15 years of experience in the alternative capital and insurance-linked securities (ILS) sector.
XL Catlin’s alternative capital unit has been developing since its launch in 2013, building on the group’s long history of innovation in ILS and third-party reinsurance capital management. Led by Craig Wenzel, Head of Alternative Capital, the unit is manages and develops third-party relationships and launched New Ocean Capital Management Ltd., a Bermuda-based manager under the leadership of Chris McKeown, in 2013. New Ocean’s invests in reinsurance linked investment products, from collateralised reinsurance to catastrophe bonds, on behalf of its third-party investors.
Greg Hendrick, Chief Executive of Reinsurance at XL Catlin, commented on the expansion of the alternative capital team; “Under Craig’s leadership, we are building a successful platform that enables us to match the right capital to the risk we underwrite at XL Catlin.”
Brookman will report to Wenzel and will be responsible for coordinating XL Catlin’s alternative capital activities in Bermuda, including oversight of its XL Underwriting Managers Ltd. unit, which supports XL Catlin initiatives. Brookman’s will be tasked with assisting New Ocean in its continued build-out of investment opportunities for institutional investors and product design to create new opportunities.
Wenzel said; “We are excited to welcome such an established alternative capital executive to our team. Dan’s hiring is a direct reflection on our ambitions to continue to grow our capabilities in the ILS and alternative capital space. I am confident that Dan will immediately make an impact at New Ocean while enhancing our long-term alternative capital strategy.”