Cedar Trace, the Bermuda-based insurance, reinsurance, and asset management group formerly operating under the Mereo brand, has made three senior appointments to its insurance-linked securities (ILS) platform.
Following its recent rebranding in June, Cedar Trace Advisers Limited now houses the ILS fund strategies previously launched under the Mereo name.
There remains a close alignment with Mereo Insurance, the Bermuda-regulated reinsurance carrier, and we’ve now learned that Cedar Trace ILS has continued to expand its platform with high-calibre talent.
William Luu, previously Vice President at Aon Insurance Managers, has joined the company as Managing Director, Cedar Trace ILS.
At Aon’s insurance management division, Luu led business development, and worked across Aon’s collateralised reinsurance offerings with strategic responsibility for the insurance managers’ range of structures, including across catastrophe bonds, special purpose insurers and collateralized (re)insurance vehicles.
Luu brings more than seven years of experience at Aon Bermuda, along with prior roles at HSBC Bermuda, KPMG, MNP, and TD Bank. Luu is a Chartered Accountant and has a deep knowledge of ILS infrastructure and the use of special purpose vehicles and will play a central role in the continued development of Cedar Trace’s operational capabilities.
Fergus Reynolds, most recently Head of Third-Party Capital at global (re)insurer IQUW, has joined Cedar Trace as Head of ILS.
At IQUW, Reynolds led all third-party capital initiatives. His prior experience includes serving as Chief Underwriting Officer for retrocession at Bernina Re (a Credit Suisse-affiliated reinsurer), over five years at Securis Investment Partners where he was Head of Non-Life Origination, and underwriting roles at Antares and Brit.
Reynolds brings Cedar Trace ILS extensive expertise in sourcing, evaluating, and structuring reinsurance opportunities for institutional investors.
James Spence, most recently of Twelve Securis, has joined Cedar Trace ILS as Senior Analyst.
Spence spent nearly seven years as a senior investment analyst at Securis Investment Partners and Twelve Securis, where he specialised in evaluating private ILS transactions and catastrophe bond investments. With a strong analytical background, Spence will add rigour to Cedar Trace ILS’ underwriting and portfolio construction capabilities.
“With the quality of these hires, we are demonstrating to our clients our intent to offer unparalleled service and returns through our quality, origination and transparency,” Neil Strong, CEO of Cedar Trace ILS told us.
“I’m delighted to welcome William, Fergus, and James to the team.”
The appointments come as Cedar Trace ILS continues to scale its investment strategies.
We understand that the flagship Cedar Trace ILS Opportunities Limited fund has now deployed approximately $500 million into private property catastrophe reinsurance and ILS transactions.
As we’ve reported before, the company is preparing launch of the Cedar Trace ILS Diversified fund, which will enable investors to allocate capital to a diversified quota share of the balance-sheet insurance company, Mereo Insurance.
In addition, we understand that Cedar Trace ILS is planning to launch other strategies to provide growing optionality to investors across a range of risk-return profiles.
Yesterday we reported that Cedar Trace has established a partnership with Austin, Texas based fixed income and alternative solutions manager Sage Advisory Services Ltd. Co., to deliver insurance-linked securities (ILS) enhanced credit opportunities to investors.
