Fairfax-owned Brit has hired XL Catlin’s head of international property reinsurance Richard Slater in Bermuda, re-Insurance.com understands.
He will join the carrier’s newly-launched Bermudian reinsurance vehicle Sussex Re as underwriting director as well as holding the pen for Brit’s Syndicate 2987 and 2988.
In the new role, he will take responsibility for managing Sussex Re’s property treaty underwriting as well as strengthening relations with brokers and investors, Brit said in a statement.
At XL Catlin in Bermuda, Slater was head of international property reinsurance and global property retro. Before that he held senior property treaty reinsurance roles at Montpelier Re and Ace Tempest.
His LinkedIn profile lists him as head of international at XL Catlin, a position he has held for just over three years. It is believed he joined XL when it acquired Catlin in a $4.3bn deal in 2015.
He will be joined at Sussex Re by Adam Champion to manage a number of portfolios and operations for the carrier. Champion joins from MS Amlin where he was head of analytics.
In a statement put out after re-Insurance.com revealed Slater’s move, Brit CEO Matthew Wilson said: ”We have a clear ambition to develop Sussex Capital into a leading ILS manager, with both top quartile performance and relevant scale.
”The appointments of Richard and Adam are another step towards this objective, as both are highly regarded in the market and have the relationships and technical expertise to support our growth strategy for Sussex Capital.”
Brit’s finance boss Mark Allen said: “Sussex Capital leverages Brit’s track record, technical underwriting capabilities and access to high quality business to enable investors to participate in the ILS space via an innovative product offering.
”More broadly, Sussex Capital forms part of Brit’s strategy to build long term relationships with the capital markets, and these appointments further strengthen Brit’s reinsurance capability and access to diversified sources of capital to support property catastrophe and other insurance risk.”
Brit’s Syndicate 2987 is currently in talks with Fairfax stablemate Advent to assume some of the fellow Lloyd’s syndicate’s business as Advent faces the prospect of going into run off amid a wider crackdown by the Corporation.
Brit has hired a number of senior executives in recent months. In June, it recruited Talbot’s Michael Gould to take over as chief operating officer after Nigel Meyer left for Canopius.
And earlier this month, its US specialty arm took Mark Richards from rival Navigators as senior vice president for general liability.
However last month, it lost its cargo boss Andrew Coutts to XL Catlin, where Slater is joining from.