Bermuda based insurance-linked securities firm ILS Capital will focus on specialty reinsurance

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Bermuda headquartered insurance-linked security firm ILS Capital has opened a London office which will be led by two ex-QBE senior reinsurance underwriters.

Insurance-linked securities are products that transfer insurance risk to capital markets investors. The most common type of ILS are catastrophe bonds.

The London office which will be staffed by John Warwick and John Haggerty will focus on specialty reinsurance.

Haggerty will focus on marine and energy reinsurance contracts, while John Warwick will cover international (non-US) property and weather.

Warwick’s weather insurance business, Excess Weather, will be folded into the London operation of ILS Capital.

ILS Capital founder and chairman Don Kramer said: “These senior appointments add considerable strength to ILS Capital’s team.”

“While property catastrophe reinsurance is centred in Bermuda, London is the centre for the specialty reinsurance market.”

“ILS Capital is a progressive business and I am determined to stay a step ahead of our peers. John Haggerty and John Warwick’s 60 years combined reinsurance experience in the London market gives us an unprecedented opportunity to expand our operation.”

Meanwhile in the Bermuda office, Teresa Gallant has been appointed CFO, and Glenn Clinton has joined the business to head up US property underwriting.

Clinton joins ILS Capital from Tower Reinsurance in Bermuda, where he was president and chief underwriting officer.