Following the recent closure of its inaugural reinsurance sidecar transaction with QBE Re, Calidris Investment Partners has announced key leadership hires, with Marcus Foley joining the firm as Director of Quantitative Strategies, and Natasha Osborne as Director of Finance and Operations.
As Artemis reported, QBE Re, the international reinsurance arm of QBE, closed its first casualty reinsurance sidecar vehicle earlier this month, securing over $550 million in fully collateralised quota share reinsurance through George Street Re.
The George Street Re sidecar was backed by Calidris Investment Partners and Culpeper Capital Partners, both being experienced specialists in the insurance and reinsurance space.
According to Calidris, the completion of the sidecar highlights the firm’s ability to execute and furthers the company’s objective to deliver differentiated access to lower volatility P&C insurance risks for institutional investors.
Daniel Miller, Co-Founder and Co-CEO of Calidris, commented: “Our entry into the market reflects a strong operational foundation and the confidence of high-quality institutional partners. With our first transaction successfully completed, we are focused on building on our momentum by structuring attractive, diversified and scalable partnerships that meet the needs of our investors and insurance counterparties.”
As mentioned, Calidris has made a series of leadership hires, as the company looks to expand further across the market.
Marcus Foley, who joins the firm as Director of Quantitative Strategies, brings 20 years of deep industry expertise towards the company, having previously held C-suite positions for Aspen, Argo and Somers Re groups, where he primarily focused on Risk and Capital Management, Balance Sheet Optimisation and M&A.
In his new role at Calidris, Foley will oversee the development and execution of a quantitative strategy roadmap for the investment start-up, ensuring that the analytical framework is in harmony with the firm’s growth, return, and risk goals.
Meanwhile, Natasha Osborne, who has been appointed Director of Finance and Operations, joins the firm from Hiscox Re & ILS where she primarily focused on third-party capital operations and financial reporting. Overall, Osborne brings nearly 15 years of expertise towards her new role, along with extensive experience in the ILS market.
In addition, Calidris also announced that it has appointed Andrew Brooks, former CEO of Ascot Group and Deputy Chair and Council member of Lloyd’s, as a Non-Executive Director to its Board.
Philippe Trahan, Co-Founder and Co-CEO of Calidris, added: “We are building a differentiated investment platform centered on alignment and long-term partnerships. The depth of expertise we have added to our leadership team and Board complements our disciplined approach, bringing the skills and insight necessary to support and accelerate the growth of our business.”
Calidris also revealed investment firm RedBird Capital Partners as a backer today.
Robert Klein, President of RedBird Capital Partners, said: “Daniel and Philippe bring an impressive track record as insurance investors and demonstrated structuring experts, creating a strong foundation for Calidris’ business model. Now in market with a deal successfully completed, high-caliber leadership team in place and strong investor relationships, Calidris is well positioned to capitalize on growing interest in the P&C (re)insurance space.”
As a reminder, you can find details of numerous reinsurance sidecar investments and transactions in our directory of reinsurance sidecars.
