A Hiscox veteran plans to join PartnerRe as the first-ever CEO of Third-Party Capital, and the unit will become a key component of the reinsurer’s overall business strategy, the company said.

Andrew Hughes takes on the new position subject to immigration approval.

In his new role, Hughes will be responsible for further developing and growing PartnerRe’s third-party capital initiatives. He will be based in Bermuda and will report to PartnerRe’s President and CEO Jacques Bonneau as a member of the company’s executive leadership team.

“Growing our third-party capital platform is an important strategic initiative for our company, Bonneau said in prepared remarks. “We are committed to further developing our current platform to provide aligned insurance-linked investment solutions for institutional investor clients leveraging our deep underwriting and distribution capabilities. Growing this aligned capability will allow us to continue to develop and strengthen our relationships with our insurance clients and brokers.”

The move is among the first major changes since Bonneau, a former Chubb executive, became president and CEO of PartnerRe in July, when the Bermuda-based reinsurer reported 2020 second-quarter results hammered by COVID-19 challenges. He replaced Emmanuel Clark, who PartnerRe said departed “by mutual agreement” to pursue other opportunities.

Previously, Hughes was at Hiscox ILS, where he has held the role of managing principal since July 2019 and, prior to that, general counsel and chief compliance officer going back to 2015. Before joining Hiscox ILS, he was senior counsel for QIC Limited in Queensland, Australia, a diversified alternatives asset manager.

Source: PartnerRe