News roundup


LS Capital Management, the Bermuda investment


management company The London office will be staffed by John


specialising in insurance-linked securities (ILS), has strengthened its team and opened an office in London. The specialist investment manager, founded


by Don Kramer, has boosted its team with a number of senior executives in London and Bermuda.


Everest Syndicate 2786 formed


Syndicate 2786. The new syndicate will be managed under a


R


turnkey arrangement by Asta Managing Agency and Andrew Carrier has been named the active underwriter. Everest and Asta are working to secure the final


approvals to commence underwriting business from January 1, 2016. Everest will be the sole capital provider of


Syndicate 2786, with an initial stamp capacity of £102 million ($157 million). Daryl Bradley, head of international insurance for


Everest Re Group, said: “The Lloyd’s market, with its strong reputation and global reach, provides a very efficient platform from which Everest can operate to grow its international insurance footprint. We are looking forward to working with Lloyd’s and Asta to continue the build-out of the Everest franchise.” n


einsurer Everest Re has received in principle approval from Lloyd’s to found Everest


Warwick and John Haggerty, who will focus on specialty reinsurance. Haggerty will focus on marine and energy


13.09.15 SUNDAY


Kramer’s ILS Capital targets London I


reinsurance contracts, while Warwick will cover international (non-US) property and weather. Warwick’s weather


insurance business,


Excess Weather, will be folded into the London operation of ILS Capital.


Barbican to manage ILS syndicate


B


arbican Insurance Group has received in principle approval from Lloyd’s to manage


a syndicate funded by Credit Suisse’s ILS team. Syndicate 1856 will have a first year stamp


capacity of £90 million ($138.5 million) and, subject


to Lloyd’s formal permission, the


syndicate will begin underwriting business attaching on or after January 1, 2016. David Reeves, group CEO of Barbican,


said: “Today’s announcement reflects the evolution of our existing relationship with the Credit Suisse ILS team, following the establishment of Special Purpose Syndicate 6120 in December 2014. “At Barbican, we


continue on providing an intelligent to focus gateway for


capital into the insurance and reinsurance sector, working with sophisticated capital providers with a long-term commitment to Lloyd’s.” n


In Bermuda, Teresa Gallant has been


appointed chief financial officer and Glenn Clinton has joined the business to head up US property underwriting. Clinton joins from Tower Reinsurance,


Bermuda, where he was president and chief underwriting officer, managing a $360 million book of property quota share excess of loss reinsurance business. n


Holborn lures ex-Aon Benfield man


resurfaced at reinsurance broker Holborn. Thaler


R president and as a member of


oderick Thaler, the former vice chairman of the Americas at Aon Benfield, has


joins Holborn as executive vice Holborn’s


franchise operating committee. Based in Holborn’s New York headquarters,


Thaler will be responsible for the oversight of a number of strategic initiatives on the firm’s behalf, focusing on value creation for its clients.


While at Aon Benfield, Thaler co-led Aon’s


global reinsurance client (GRC) initiative. Prior to this, Thaler served on the North America executive committee for Willis Re, and headed new business initiatives for the firm. He spent nearly two decades at Guy he


Carpenter, where was promoted to


managing director and led property and casualty teams. n


AM Best ‘positive’ on SCOR A


M Best has revised the outlook of French reinsurer SCOR to positive from stable


and affirmed its financial strength rating of A (Excellent). The rating agency said its decision reflects


SCOR’s track record of solid earnings and stability in risk-adjusted capitalisation despite the prevailing competitive market conditions. “SCOR has strengthened its competitive position within the market,” AM Best


said. It added that Denis Kessler


global reinsurance the


group’s “strong business profile allows SCOR to effectively manage local and global


24 | MONTE CARLO TODAY | DAY 1: Sunday September 13 2015


reinsurance market cycles, which should be particularly beneficial over the coming years as the industry confronts an increasingly challenging operating environment.” Denis Kessler, chairman and CEO


of SCOR, said: “AM Best’s decision is a new illustration of the


strengthened


financial security that SCOR brings to its clients, particularly in the current market environment. This positive outlook reinforces the two recent upgrades received from Fitch Ratings and S&P, and confirms SCOR as a Tier 1 global reinsurer.” n


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