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Reinsurance as a Strategic Capital Managment Solution

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BIO PROFILE

Curriculum Vitae

Career History:

June 2007 – Present, WILLIS CAPITAL MARKETS & ADVISORY

2003 – 2007, CONSULTANT
Willis established WCMA in late 2006 and Nigel joined the newly formed team, initially as a consultant, to advise on the building of the business and assist in originating transactions. Nigel joined the team on a full time basis with effect from the start of 2008. After some early successes in the ILS sector WCMA soon established itself as a key player. Nigel is currently responsible for all life related business and focuses on the ILS business in Europe and Japan. The focus of WCMA has shifted materially in the last year to M&A advisory with several notable successes in recent months. From early 2003 through to June 2007 Nigel acted as a private consultant for a range of financial services companies. These included a leading global bank, a leading firm of consulting actuaries and venture capital firms. The advice given was varied and included the convergence of the bank and insurance markets for risk and capital management, the development of business strategies and general corporate finance advice.

1997 - 2002, AON CAPITAL MARKETS LIMITED

Managing Director and CEO
From 1997 to 2002 Nigel was responsible for the creation and subsequent development of Aon Capital Markets Limited (“ACM”). The Aon group are leading global reinsurance and insurance brokers. ACM was at the time a unique company within the group, being authorised by the FSA to provide financial services, and was positioned to capitalise on the interactions and differences between the reinsurance, insurance, pension fund and capital markets. As the MD, Nigel was responsible for the overall management of the company including business development, budgets, staff management and management of statutory responsibilities including Aon’s relationship with the FSA. At its peak Nigel managed a business comprising of fourteen professionals from a range of backgrounds, predominantly banking and reinsurance, based in London, Europe and Tokyo. ACM grew a compelling track record in the structuring and execution of complex financial transactions that crossed the boundaries between different markets. ACM was a leading exponent of insurance securitisation and largely responsible for the development of that market. Nigel was responsible for the origination of numerous transactions, including many that were firsts of their type, such as parametric loss indices.

ACM globally was responsible for raising capital in excess of $3 billion for clients of Aon and generated significant revenues for the Aon group.

1994 – 1997, MORGAN STANLEY & CO. INC,

Insurance Capital Markets Group
Nigel joined the equity derivatives group of Morgan Stanley in London in 1994 with a remit to develop structured products for the European financial institutions market. Morgan Stanley

subsequently decided to create a specialised group to focus on structured products for capital management in the reinsurance and insurance industries. This was a joint venture between the investment banking, equity and fixed income divisions of the group and was sponsored at the highest levels with the organisation. Nigel joined this group at its establishment in 1995 based in New York. In the early days the group played a major role in the creation of the California Earthquake Authority and proved a creative force well ahead of its time.

1988 – 1994 and 1991 – 1994, CITIBANK, NA, LONDON

Structured Finance Group

Nigel headed the UK group responsible for the development, marketing and execution of structured finance transactions with a tax, accounting or regulatory arbitrage for European corporations and financial institutions. The group comprised a team of six professionals from varied backgrounds. Nigel’s team were responsible for numerous innovative and successful financing transactions that included tax efficient borrowing structures, leases and other tax arbitrage transactions. In the latter part of his time at Citibank, Nigel was responsible for the development of the first insurance securitisation with Hannover Re, in which the team securitised a quota share reinsurance of a pool of internal contracts. This was a groundbreaking transaction that took many months to complete. This transaction has many features that are still relevant today, including the introduction of leveraged capital for certain classes of investor.

1988 – 1991, Fixed Income and Equity Derivatives

Nigel joined Citibank as a member of a team of five professionals responsible for the development and marketing of structured derivative products to financial institution’s and institutional investors in Europe. In this position Nigel grew to know many of the world’s leading insurance and reinsurance companies and was successful in marketing numerous fixed income derivatives to these companies. 1981 – 1988, LANE, CLARK & PEACOCK, LONDON

Consulting Actuary

After university, Nigel joined Lane, Clark & Peacock, completing the Institute of Actuaries examinations in 1986 and being admitted as Fellow in 1987. He gained significant experience in actuarial practice in a broad range of disciplines, including life insurance, property and casualty insurance and pensions.

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