Howden hiring Lancashire’s Redhead for Bermuda capital markets play

Howden hiring Lancashire’s Redhead for Bermuda capital markets play

The Howden insurance and reinsurance broking group is anticipated to release a brand-new capital markets focused reinsurance unit in Bermuda and has hired Darren Redhead from Lancashire Capital Management to lead at least the third-party capital aspect of the effort, its understood.Just last week Howden announced the acquisition of an independent Bermuda-based insurance coverage and reinsurance broker, Foram Brokerage.
The company said at the time that its goal is to construct a leading position in the insurance and reinsurance broking sector on the island and it transpires that capital markets and insurance-linked securities (ILS) is not surprisingly set to be a focus for Howdens Bermuda activities.
Todays news that Howden has made an essential hire with a capital markets and reinsurance focus is considerable, as it demonstrates the broking groups increasing appetite to provide capital agnostic services to clients and providers, as well as its recognition of the significance of the Bermuda market.
Redhead will apparently take on the function of CEO for Howdens third-party capital management activities in Bermuda.
A variety of sources verified this to be the case, although Howden itself would not at this stage be drawn on the news of the hire, recommending that Redheads visit might still go through relevant approvals.
Howden introduced a Capital Markets system at the end of 2020, so constructing out specific third-party reinsurance capital proficiency has actually always been on the cards for the company.
Most recently, Redhead was CEO of specialized insurance and reinsurance group Lancashires third-party capital activities under its Lancashire Capital Management (LCM) brand name, which was previously Kinesis Capital Management.
Redhead had been at Lancashire given that 2013 and helped build-out the LCM brand and its product offering, including its multi-class retrocessional reinsurance products.
Prior to joining Lancashire, Redhead had been the Chief Underwriting Officer of D.E. Shaw Re (Bermuda) Ltd, part of the hedge fund-backed property catastrophe reinsurer run by the D.E. Shaw hedge fund operation.
Prior to that, Redhead operated at Lloyds distribute Talbot Underwriting Ltd. as its deputy underwriter.
Redhead has considerable experience in global reinsurance and retrocession markets, along with in capital raising for insurance-linked mutual fund and strategies, so he will be a critical hire as Howden seeks to broaden its activities in these locations and, as an intermediary, link more of its clients insurance threat with investors from the capital markets.

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