Willis Re’s growing influence in Bermuda will be bolstered by the imminent arrival of TigerRisk’s well-regarded executive, Andrew DiLoreto, once his notice period is complete.
Under the stewardship of Willis Re former island head James Kent – who is now Willis Re group CEO - the big-three reinsurance broker has become a leading producer of business on the island including the placement and structuring of property catastrophe and retro programs and ILWs.
Yesterday, (21 August), re-Insurance.com revealed that the firm had hired DiLoreto who has been on the island with TigerRisk since 2015.
According to DiLoreto’s LinkedIn profile, his role included: “Non-marine retrocessional responsibilities include the production and renewal of reinsurance, retrocessional and ILW business from Bermuda based insurance and reinsurance companies including Bermuda based hedge funds and ILS markets.”
“Andrew is heavily involved in the structuring and pricing of retrocessional business managed by the Bermuda account team and has successfully aided in the creation, marketing, and placement of new retrocessional and reinsurance products,” it continued.
The executive joined Tiger from Bank of America Merrill Lynch in New York where his work included structuring derivatives supporting insurance.
According to sources, DiLoreto’s seat in Tiger’s Bermuda office will be filled by Freddie Mead, who left the reinsurance broker’s London office for the island last week.
Ironically, Mead has made the journey in reverse as he joined TigerRisk in 2014 from Willis Re.
Kent was head of Willis Re Bermuda before becoming head of Willis Re North America in 2010. He was appointed global CEO in late 2017 following the departure of John Cavanagh.
While on the island, Kent overhauled Willis Re’s Bermuda platform to integrate the business with the firm’s network of offices leading to a significant leap in the unit’s revenues in recent years.
Bermuda has seen a flurry of other senior executive moves across the reinsurance brokers in 2018. Earlier this year, Aon Benfield hired Guy Carpenter’s Bermuda head Peter Stubbings leading to the promotion of John Fletcher to chair of the MMC broker’s operations on the island. Separately, Guy Carpenter hired James Morris to its Bermuda team from Aon Benfield as a senior vice president.