ERS build out continues to take shape with integrated ILS offering and senior appointments
ERS, the specialist motor insurer, continues to progress its Commercial expansion by making a series of senior appointments to support its strategy to scale existing and enter new divisions including Property, Reinsurance, Marine, Professional Lines and Specialty alongside a soon to launch integrated ILS offering.
(Re)insurer aligned investment strategy
The firm’s ILS approach will see the launch of three complementary investment strategies; an open-ended mandate with a remit to invest across both public, private and non-life ILS, with semi-annual liquidity; a closed-ended, higher risk and higher target return fund; and a liquid cat bond fund.
The offering will be set-up, developed and managed by experienced Executive new hires; Neil Strong as CEO ILS; Fergus Reynolds as CUO ILS; and supported by Sandro Kriesch. Strong and Reynolds were previously Partners at Securis Investment Partners based in London and Kriesch is a Founding Partner at Twelve Capital in Zurich. Each join with deep experience, knowledge and strong global third-party capital connections.
ERS Group CEO, Peter Bilsby commented: “I am delighted that Neil, Fergus and Sandro have joined the team to set up our ILS offering. A (re)insurer aligned ILS platform will give us the ability to offer cedents the full suite of risk transfer solutions and institutional ILS investors the best access to risk with the flexibility to invest across a range of ILS opportunities”.
Incoming CEO for ILS, Strong added: “Fergus, Sandro and I are excited to support the expansion and build out a compelling proposition. The current environment sees investor appetites returning for insurance linked returns. ILS investors are now focusing on quality as they move allegiances towards managers that can provide the access to business that they want, but with more liquidity.
Single, legacy free platform
The new proposition will be built on a single, legacy free, reinsurer aligned platform and benefits from origination from the wider ERS proposition.
Fergus Reynolds commented: “The lack of legacy issues will give us significant opportunities to provide solutions to cedants and attractive portfolios to institutional clients. Our ability to leverage the ERS platforms will allow us to offer portfolios to investors that reduce the risk and the impact of trapped capital that causes such a negative drag on investors’ returns. I’m thrilled to be joining the team and can’t wait to get started.”
Sandro Kriesch added: “There are relatively few (re)insurer aligned ILS platforms that offer much more than a simple sidecar strategy so this approach, which will have technology at its core, will enhance and streamline the interaction with investors and provide reporting transparency that is often missing in the market.”
Expansion continues with further senior hires
The ILS new team is announced alongside the recruitment of a specialist senior team that join to lead the broader Commercial insurance and Reinsurance expansion alongside Peter Bilsby and Group CFO Richard Hextall. The company has confirmed the following hires:
- Kevin Kelley is joining the Group Board as non-Exec Chairman
- David Morris is joining as CUO from Talbot towards the end of this year
- Steven Tebbutt is joining from Talbot as Head of Specialty towards the end of the year
- David Message has joined from StarStone as Senior Underwriter, Marine
- Gary Lill will be joining from Hiscox as Head of Professional Lines in April
- Phil Furlong is joining the team from Hiscox as Head of Marine & Energy in March
- Chris Wilkinson will join from Lancashire as Head of Specialty later this year
- Dan Callow is joining from Talbot as Lead Underwriter for Political Violence and War in April
Bilsby commented: “I am delighted to welcome Kevin, Gary, Steven, Phil, Chris, Dan, David Message and David Morris, to the team. We have an exciting agenda and their experience, knowledge and market relationships will be critical in helping us achieve it.”
