Perren Capital Management Ltd., a Bermuda-based third-party capital reinsurance manager launched by Darren Redhead, has announced the hire of former Nephila Capital reinsurance controller Susan Richardson as the firm’s first Chief Operating Officer (COO).
As a collateralized reinsurer and ILS fund start-up, Perren Capital Management predominantly underwrites reinsurance and retrocession for property catastrophe and certain specialty lines, including marine and energy, aviation, terror and cyber risks.
Susan Richardson was most recently the reinsurance controller at Nephila Capital in Bermuda, where she had worked for almost five years. Prior to that, Richardson had worked at Lancashire Insurance Group as Group Compensation Accountant, before which she worked as an account manager at JLT Insurance Management.
In her new role as Chief Operating Officer at Perren Capital Management, Richardson will report to Darren Redhead, CEO of the company.
She has more than fifteen years of experience, across reinsurance, ILS and finance operations, and has experience across a range of ILS structures and transactions, including collateralized reinsurance, sidecars, and fronted carriers, as well as valuation and investor relationship experience.
Darren Redhead commented, “I am delighted to welcome Susan to PCM and its executive team. Susan’s appointment as Chief Operating Officer underscores our commitment to having seasoned expertise in all areas of the business, and a strong focus on cultural fit.
“I look forward to working with Susan to deliver a best-in-class, Bermuda-based ILS operating model for our investors, clients and brokers.”
Richardson added, “I am excited to be joining PCM at such a foundational point. Darren’s proven accomplishments in the industry, combined with his entrepreneurial and forward-thinking culture, offers a compelling and unique opportunity.”
CEO Redhead has a track-record from Kinesis, the Lancashire Insurance collateralized vehicle and investment manager that became Lancashire Capital Management, where he created unique multi-class collateralized reinsurance and retrocession structures for large retro buyers and developed investment opportunities for institutional allocators.
Before that, Redhead had also worked in Bermuda and London at Howden Re, D.E. Shaw, Talbot Syndicate, Reliance National and RC Barber Lloyd’s Syndicate 512 during his career in the reinsurance industry.
