Charlie Fry, CEO of Acacia, commented on the hire, “Lawrence Cheng is a highly concerned and respected insurance coverage market executive. His outstanding track-record as an underwriter and his extensive analytical experience will boost the worth that Acacia offers to its financiers, (re) insurers and circulation partners. Lawrence Cheng added, “I am very delighted to be signing up with the Acacia group at this stage of the businesss advancement.
Acacia Holdings Ltd, a specialist reinsurance and retrocession investment business that is backed by private equity expert Oaktree Capital Management, L.P., has actually announced the hiring of Lawrence Cheng as its Chief Underwriting Officer (CUO). Cheng was most recently Co-head of P&C Reinsurance at Hong Kong based reinsurer Peak Re, where he was also instrumental in their launch of a collateralised reinsurance sidecar and other insurance-linked securities (ILS) activities.
Acacai released for the January 2021 underwriting renewals, with a concentrate on collateralised retrocessional reinsurance.
The company has a distinct operating model, as a balance-sheet financial investment holding company releasing its long-term capital as collateralised retro.
Acacia worked carefully with broker Aon at its launch, constructing a portfolio that provided it the risk-return profile its backers Oaktree Capital Management were searching for.
Now, Acacia sees opportunities to broaden its business, with extra third-party capital most likely to be included future, however with a strategy that sees it acting more like a reinsurance business, in how it handles capital, than an ILS fund manager.
As an outcome, contributing to its group and developing out its facilities seems to be on the program for Acacia, as it readies itself for developing its model to support more financiers and counterparties.
Laurence Cheng was a Managing Director and Head of Property & & Casualty at Peak Re, and an establishing member of its leadership team.
He led Peak Res development of third-party capital automobiles, including its Lion Rock sidecar and served as Co-CEO of Peak Capital, the reinsurers Bermuda-based ILS possession supervisor.
Cheng started his profession at Markel Liberty in London, before transferring to broker Aon to establish and manage their actuarial practice in China.
Charlie Fry, CEO of Acacia, discussed the hire, “Lawrence Cheng is a highly concerned and respected insurance industry executive. His exceptional track-record as an underwriter and his comprehensive analytical experience will improve the value that Acacia provides to its financiers, (re) insurance companies and circulation partners. We are delighted to have him on board.”
Lawrence Cheng included, “I am very delighted to be signing up with the Acacia group at this stage of the businesss development. I am really amazed with their vision to produce long-term worth through using an extraordinary experience to our customers. Acacia is on an amazing journey and has outstanding assistance from its trading partners. I look forward to contributing to the Companys success.”