Insurance CEO Kuhn to leave Vantage Risk
Vantage Risk’s global insurance CEO Jack Kuhn is leaving the private equity-backed Bermudian start-up, The Insurer can reveal.
The company confirmed Kuhn’s departure to this publication and said the executive will step down with effect from tomorrow (2 July). Group CEO Greg Hendrick will serve as the interim head of insurance while continuing to lead the firm.
In a statement, Hendrick said: “I’d like to thank Jack for his efforts and wish him the best in his future endeavors. We are fortunate to have a very talented team in our insurance segment, and they will continue to execute against our plan and build on their early successes. I am already focused on finding a new leader for the insurance business that will support our talent as they realize our vision for the future.”
Kuhn said that after spending the past eight months helping to build Vantage’s insurance platform, he had made the “difficult decision” to step down and focus on other opportunities “both personally and professionally”.
“I have worked closely with some great people as we were getting the insurance platform ready to launch and I am confident the team will continue to achieve great things. I will be personally invested in the future success of the company,” he commented.
Sources said that the former Sompo International and Axis executive is not retiring from the industry.
Kuhn officially joined Dinos Iordanou and Greg Hendrick-founded Vantage Risk late last year as CEO global insurance, in a move first revealed by this publication as the start-up continued the assembly of a management team of industry heavyweights.
He had previously been CEO of global insurance at Sompo International having retained the position he held at Endurance when it was acquired by the Japanese big three carrier.
He joined Endurance in 2012 and had previously been CUO of Axis Insurance, responsible for the Bermudian’s worldwide insurance operations.
Since joining Vantage Risk, Kuhn had been steadily building out the operation with a significant number of hires across operations and underwriting.
But the start-up has yet to secure its own paper in the US as it continues to wait on an AM Best rating for its planned non-admitted platform which would allow it to pick up the pace in targeting arguably the most attractive E&S market ever.
It has also been attempting to find an admitted shell to add that capability to its operations.
The build-out of an insurance franchise is a core part of Vantage Risk’s strategy and is expected to include the launch of a US insurance carrier platform in 2021 to go with the group’s established Bermuda Class 4 reinsurer.
Vantage Risk officially launched at the beginning of September as it confirmed $1bn of initial capital in an investment led by private equity firms The Carlyle Group and Hellman & Friedman, in a move first revealed by this publication last summer.
It began writing reinsurance out of Bermuda for 1.1 renewals and has been writing some insurance business on the platform. It has also been writing some business through fronting vehicles and supporting a number of MGAs in the US.
The start-up’s insurance platform has added a significant number of operational, finance and actuarial hires and has also started to build out its underwriting team.
Among the more high profile underwriting hires are Dan Riordan as global head of political risk and credit, Fred Cooper as senior vice president for financial lines and Ray Pernsteiner as CUO for healthcare.
Meanwhile, Sean Quigley was added as CFO for insurance, Stephen Perrella as chief claims officer and Kelly Bellitti as chief pricing actuary for insurance.