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Howden hires Lancashire’s Redhead for Bermuda treaty and capital markets unit

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Howden has hired Lancashire Capital Management CEO Darren Redhead for a new Bermuda-based treaty and capital markets division.

It is understood Redhead will remain with Lancashire for the next few months and work on the 1 January 2022 draw for the carrier’s ILS platform Kinesis.

Sources said Paul Gregory, currently CUO, will take on Redhead’s former role on an interim basis after the latter’s departure.

The hire comes after Howden announced its acquisition of Bermudian broker Foram last week.

The expansive intermediary has pursued an aggressive M&A strategy that has intensified since it secured investment from Hg Capital last year.

Earlier this month, Howden secured its largest-ever takeover deal in its purchase of Aston Lark, having bought UK retailer A-Plan in 2020.

In a similarly large-scale deal, Howden’s MGA Dual bought US business Align to form a $2bn premium group in August.

It has also continued to expand its international networks through the acquisitions of Aneco in Norway, Sarton & Associés in Belgium, BrokerCenterZürichsee in Switzerland and CHB in Estonia.

Redhead has had a long and varied carrier in both the London and Bermudian insurance markets.

He joined the industry in 1983 with an entry-level role at RC Barber’s Syndicate 512, later joining Reliance as a reinsurance underwriter.

Redhead was head of reinsurance purchasing, treaty underwriting and capital raising at Talbot for eight years until 2007, after which he spent five years as CUO at DE Shaw Bermuda. He joined Lancashire in 2013.

Lancashire declined to comment. Howden did not immediately respond to a request for comment.

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