Hiscox named a new leader for its reinsurance arm and Bermuda division. The specialist global insurer disclosed that Michael Krefta has been appointed CEO of Hiscox Re and insurance linked securities, and CEO of Hiscox Bermuda. Krefta’s promotion is effective Aug. 1, 2017.
He will succeed Jeremy Pinchin who, after five years in Bermuda, will return to London in 2017 where he will continue in his role as Hiscox group claims director and as a member of the Hiscox executive committee. He will also join the board of Hiscox Special Risks.
Krefta currently serves as chief underwriting officer of Hiscox Re. In his new role, he will be based in Bermuda and report to group CEO Bronek Masojada. His appointment is subject to regulatory and immigration approvals.
Krefta joined Hiscox 13 years ago as an analyst for Hiscox UK before moving into the catastrophe modeling team and spending the last 11 years in various roles within reinsurance. When Hiscox Re was formed in 2013, he was appointed director of Non-Marine Underwriting, and in 2014 he was appointed Hiscox Re’s chief underwriting officer, at the same time serving as joint active underwriter of Syndicate 33 and active underwriter for Syndicate 6104.
“Throughout the recent transformation of our reinsurance business, Michael has expertly guided the underwriting integrity that is so attractive to our third party supporters, while instituting a more commercial approach in our underwriting,” commented Group CEO Masojada.
“I look forward to working closely with Michael as he leads the business through its next phase of growth, particularly as our ILS business grows in significance with now more than US$1 billion [assets under management],” he added.
“Jeremy has had a huge influence on the evolution of our Bermudian operation. It is under his leadership that Hiscox Re was not only created but has since successfully navigated a turbulent reinsurance market. He also initiated the creation of Kiskadee Investment Managers, our ILS fund manager, and evolved our approach to product innovation, with repeated success,” Masojada continued.
“In returning to London, I am confident our group claims function will continue to benefit hugely from his leadership. I am delighted that he will also join me on the board of Hiscox Special Risks, which underwrites over half of the world’s specialist corporate protection insurance premium, and has led the development of this market for more than two decades,” he said.