Capsicum Re launches mortgage indemnity reinsurance business with head from JLT

Specialist reinsurance broker Capsicum Re said on Aug. 21 that it appointed Steven Rance to lead a new business division focussing on mortgage indemnity reinsurance.

Rance will report to Rupert Swallow, CEO of Capsicum Re, and begins his new role in February 2018.

Rance joins Capsicum Re from JLT Group where he was executive vice president. Whilst there, he was the architect of NewBuy, the UK’s first government-backed mortgage indemnity initiative. He has also led JLT Global Mortgage Solutions since its establishment in 2008, assuming responsibility for all aspects of profit & loss, strategy and international business development. Prior to his role at JLT, Rance was managing director at Radian Europe and Genworth Financial before this. In his early career, Rance worked for a number of top European banks, gaining experience in business strategy, affinity loans and the mortgage sector.

Swallow said: “Capsicum Re is no longer an upstart start-up; it is now an established challenger with an enviable record of attracting the highest calibre talent, and Steve’s joining us is a testament to that fact. I do not believe there is anyone better placed to lead this division; it is a new venture for Capsicum Re, but a longstanding area of expertise for Steve, whose reputation and accomplishments thus far precede him.

“The mortgage indemnity reinsurance market is largely untapped and has a huge potential for growth, and we will work closely with our network to offer the broadest access to both capacity and capital. This is a great opportunity for us and I am delighted to welcome Steve to the team."

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