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The outgoing chief executive founded the company in 2005, building it into the second--largest legacy-focused business. -
The impending deal follows recent Lloyd’s legacy transactions with Neon and ArgoGlobal by RiverStone.
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UK chair Tim Cox will step down in March, as will NED David O’Connor.
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The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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He will join fellow Ironshore alumnus Kevin Kelley, who is taking on the role of non-executive chairman.
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The Allianz-owned non-life carrier closed to new business in 2015.
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The capital supports the MGA’s excess retro portfolio.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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Retro rates are at an eight-year high, according to the broker.
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Key themes included new capacity, a more buoyant retro market than expected, drawn-out amendments to exclusionary wordings, and quota share demand.
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