XL Catlin is hoping to spur growth of the insurance market in Africa with the establishment of a new unit focused on providing facultative and treaty reinsurance across the continent.

“Traditionally there has been a lack of insurance penetration across the continent,” David Watson, XL Catlin’s chief executive for EMEA, said in prepared remarks. “This is changing, and we believe we have a part to play as reinsurance capacity will further drive the development and growth of the primary insurance market.”

XL Catlin hired two veterans of One Re Ltd. to get the business started.

XL Catlin appointed Alex St. James as head of Africa for XL Catlin’s reinsurance operations. The insurer and reinsurer named Matthew Gillies as an actuarial underwriter. Both will be based in London.

At One Re, St. James is credited with gaining U.K. regulatory approval for, and bringing One Re to the market in 2015. Previously, he held various managerial and leadership roles across Africa with the Global Alliance Group of companies.

Gillies, also a former One Re executive, was once a graduate pricing analyst at Covea Insurance.

Source: XL Catlin