PartnerRe selects new head of retrocession

PartnerRe selects new head of retrocession | Insurance Business Australia

PartnerRe selects new head of retrocession

PartnerRe has announced the appointment of Nicholas Hughes (pictured above) as head of retrocession, along with two new hires that bolster the company’s retrocession team.

In his newly created role, Hughes will lead PartnerRe’s strengthened line-up as part of its strategic growth plan for global catastrophe, the company said. Hughes will be based in Bermuda and will report to Greg Haft, CEO of global catastrophe. Hughes most recently served as PartnerRe’s head of global catastrophe and joined the company in 2008, specialising in US, international and retro catastrophe underwriting and portfolio management.

The company has also hired Aaron Coates and Guy Hengesbaugh as assumed retrocession underwriters. Hengesbaugh will take the role effective October 01, while Coates will join effective November 07. Coates will relocate to Bermuda, subject to immigration approval, and Hengesbaugh will be based in Bermuda. Both will report to Hughes, as will Mark Mitchell, who already serves as vice president and senior underwriter on the retrocession team.

Coates (pictured immediately below) joins PartnerRe from Twelve Capital, where he most recently served as executive director of ILS sourcing. In that role, he was responsible for developing the underwriting strategy within the retro market and the delivery of profitable private ILS investment portfolios to third-party investors.

Hengesbaugh (pictured below), who joins the company on a consultancy basis, has more than 35 years of reinsurance experience and more than 26 years in the Bermuda market. He most recently served as managing director at Guy Carpenter Bermuda, focusing on reinsurance and retrocessional business for Bermuda and US clients.

“I am excited to welcome Aaron and Guy to the PartnerRe team,” Haft said. “As the catastrophe market shifts, we anticipate an increasing demand in the retrocession space for known and trusted providers with well-rated paper. We are thus adding to our incumbent talent to build a powerhouse retro team under Nick’s leadership to fill this important market need.”