Casualty/GL
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The bulk of risks linked to a new investment grade cat bond it is working on relate to US private motor risks, with a fifth from commercial motor. -
O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.
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Chuck Scherer will report to Jonathan Reiss, chairman of SRS Bermuda.
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The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".
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Howden Tiger worked on the structure of the deal with the unnamed syndicate.
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RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.
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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.
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The marketing executive previously worked at iCapital and Fitch.
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The company said the result was "encouraging given the challenges of ILS capital raising".
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The aim is to launch a casualty ILS product that would enable Saudi investors to access US casualty risk.
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The casualty ILS fund has been on a hiring spree since its $75mn Series B fundraise in June last year.
