PartnerRe bolsters retro team as catastrophe market shifts

Bermuda-based reinsurer  PartnerRe has boosted its retrocession team by hiring experienced underwriters from Twelve Capital and Guy Carpenter, as well as creating a new key position as part of its strategic growth plan for global catastrophe.

Nicholas Hughes has been appointed as head of retrocession, a newly-created role based in the Bermuda office, reporting to Greg Haft, chief executive of global catastrophe.

Hughes will be joined by new hires Aaron Coates and Guy Hengesbaugh as assumed retrocession underwriters, and Mark Mitchell, who already works as VP, senior underwriter within the retrocession team.

Hughes most recently held the position of head of global catastrophe at PartnerRe, including responsibility for assumed retrocession and the global accounts portfolio. He joined the company in 2008 specialising in US, international and retro catastrophe underwriting and portfolio management.

Coates joins from Twelve Capital, most recently as executive director, ILS sourcing, responsible for developing the underwriting strategy within the retro market and delivery of profitable private ILS investment portfolios to third-party investors.

Hengesbaugh, who joins on a consultancy basis, has over 35 years of reinsurance experience – and more than 26 years in the Bermuda market – where he has most recently served as managing director at Guy Carpenter Bermuda, focusing on reinsurance and retrocessional business for Bermuda and US clients.

Haft said: “I am excited to welcome Aaron and Guy to the PartnerRe team. As the catastrophe market shifts, we anticipate an increasing demand in the retrocession space for known and trusted providers with well-rated paper. We are thus adding to our incumbent talent to build a powerhouse retro team under Nick’s leadership, to fill this important market need.”