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Ardonagh to launch Inver Re capital markets unit after closing Corant deal

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The Ardonagh Group has secured approval for a new Bermuda-based capital markets unit under its Inver Re broking brand, with two new key hires, including from Brit.

The two hires for the new unit are Adam Champion, former portfolio manager at Brit Insurance’s third-party platform Sussex Capital, and investment banker Niall Baird, of TMT Investment Banking and formerly of JP Morgan, sources told this publication.

Ardonagh achieved closure today on the deal to acquire Corant Global in a buyout from BGC Partners for $500mn, which was first revealed in May. It said in June that it would create a new reinsurance brand, Inver Re, after closing the Corant Global takeover.

The new Inver Re capital markets unit will have scope to do ILS deals, fundraising and M&A advisory.

Corant already operated a capital solutions unit led by CEO Steve Hearn. The new entity will consolidate reinsurance capabilities from across Ardonagh and Corant.

Champion had previously worked with Brit since 2018, and before that he spent seven years at MS Amlin in catastrophe modelling before moving into the role of head of analytics at its Bermuda arm.

Champion’s departure has left Brit’s head of ILS Chris Denton as the lead executive on the Sussex platform.

The new hires mean Ardonagh joins the likes of Howden, BMS, and Miller as broking firms establishing capital markets platforms or hiring ILS experts in Bermuda.

Howden last week hired Darren Redhead from Lancashire Capital Management to head up its new Bermuda-based treaty and capital markets division.

BMS Re in August appointed Adam Mullan to build out a new Bermuda operation, while Lockton Re has hired Jonty Davies to head its office on the island and Miller has recruited Erik Manning.

Inver Re, with Bishopsgate, Compass London Markets and Price Forbes, form Ardonagh’s specialty and capital arm. They will be joined, following the deal’s closure today, by brokers Besso Insurance, Ed Broking and Piiq Risk Partners.

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