“We are committed to product innovation as we deliver the most efficient forms of capital to fund our clients’ businesses,” said Breslin. “Being ‘born digital’ and operating within the entrepreneurial culture that is Lockton Re, we will be able to leverage our technology-driven approach and deep subject matter expertise to help our clients think creatively and move quickly in accessing capital to execute on their business plans throughout market cycles.
“Over the next 18 months, as we continue to add staff, pursue and obtain regulatory approvals, and build infrastructure to deliver full execution capabilities for ILS (insurance-linked securities) and related products, we will be onboarding execution capabilities in certain products and geographies to assist our clients through the key 2023 renewal dates.”
Breslin came onboard in May to support the build-out of the new practice.
“This investment underscores our commitment to building a world-class reinsurance business, capable of accessing all capital providers, across all product categories to service our clients,” declared Robert Bisset, Lockton Re’s chair of global retrocession & property specialty, Bermuda & market capital.
“Pending regulatory approval, LRCM will be fully integrated into our broader reinsurance business, except as restricted by regulatory compliance. Our clients will see one client team. Our bankers and brokers will be solution-agnostic as we are committed to our ‘fierce independence’ ethos, which means we are focussed on serving clients’ interests foremost.”
For Lockton Re global chief executive Tim Gardner, establishing LRCM signifies the group’s ability to “consistently deliver on our strategy and continue to build on the exceptional expertise and capabilities we have.” He also highlighted the upcoming “very busy time of the year” for the reinsurance market.