ACE Appoints Ashley, Henderson, Cassidy to Bermuda Reinsurance Unit

September 21, 2012Email ThisPrintNewslettersTweetArticleComments

ACE has announced three appointments in its ACE Tempest Re Bermuda reinsurance unit: Wayne Ashley as Chief Underwriting Officer, International; Graeme Henderson as Vice President, International; and Darin Cassidy as Vice President, USA. All will be based in Hamilton, Bermuda.

Ashley will have responsibility for ACE Tempest Re Bermuda’s business with primary insurers outside of North America and will report to Tim Mardon, Division President, ACE Tempest Re Bermuda., Ashley, who has nearly 18 years of experience in the industry, joined ACE Tempest Re Bermuda in 2006 as Assistant Vice President, International, and was promoted to Vice President in 2009 and Senior Vice President earlier this year. He formerly was with Alea London, where he underwrote the International treaty portfolio. He began his career in London at Zurich Re in 1994 in the Reinsurance Treaty unit.

Henderson, who will report to Ashley, will join ACE from Axis Reinsurance Company, where he has been since 2005, most recently as an Underwriter for the International business in Bermuda. He previously worked for Marsh Global Markets in Bermuda. Henderson is a Bermudian.  He received a Bachelor of Arts degree in Political Science from McGill University in Montreal and holds the Chartered Property Casualty Underwriter (CPCU), Associate in Reinsurance (ARe) and Certified Catastrophe Risk Analyst (CCRA) designations.

Cassidy, who has been promoted within the USA unit, will continue to report to Brock Webel, Chief Underwriting Officer, USA Property Catastrophe and Specialty lines. He joined ACE Tempest Re Bermuda in 2004 as a catastrophe analyst, then moved to the USA underwriting team in 2008 and was promoted to Assistant Vice President in 2010. He is also a Bermudian, and received his Bachelor of Arts degree in Public Relations and Advertising and an MBA from the University of Central Florida.

Source: ACE Group

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Bermuda Bourse Wants More Cat-Bond Listings

By Reuters

April 23, 2012 • Reprints

LONDON, April 23 (Reuters) – The Bermuda Stock Exchange aims to attract more listings of catastrophe bonds and other insurance-linked securities, taking market share away from its biggest rival, the Cayman Islands bourse, its Chief Executive said on Monday.

“I do know that our exchange is a bit deeper in terms of the services it provides,” Greg Wojciechowski told Reuters.

“I think the capital market, as it gets greater exposure to this space, will understand theBermuda product, and seek to have those securities sited there.”

The Bermuda bourse has listed some $4.25 billion in catastrophe bonds, debt-like instruments that offer an income to investors in return for taking on some of the issuing insurers’ liabilities.

That is equivalent to about half the total for the Cayman Islands Stock Exchange as of February this year.

Bermuda began competing for catastrophe bond business in 2009 as it became clear that reinsurers based on the island were increasingly relying on the instruments to raise capital.

“We are firmly focused on this segment because I feel that as capital market operators in the third largest insurance industry, I must be supporting these instruments, which provide the life blood for the industry,” Wojciechowski said.

In a sign of Bermuda’s determination to boost its share of the insurance-linked securities market, the island’s regulator earlier this month halved the annual license fee payable by operators of so-called special purpose insurers, vehicles used to issue cat bonds.

Bermuda has over the last 30 years established itself as one of the world’s leading insurance hubs thanks to a business-friendly tax and regulatory regime that has encouraged dozens of insurers and reinsurers to base themselves on the island.

The Bermuda Stock Exchange, founded in 1971, offers trading in equities, funds and debt-like securities with a combined market capitalisation of about $300 billion.

Wojciechowski said the acquisition of a 16 percent stake in the Bermuda bourse byToronto Stock Exchange operator TMX Group last year had shored up its position in the fast-consolidating exchanges sector, and would help it develop new services.

“This is really going to be a game-changer for the Bermuda Stock Exchange,” he said.

“We’re working very actively with the TMX Group to see how we work together to create mutually beneficial services for our clients.”

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