1347 Property reveals CEO of new reinsurance unit FGRe

US-based specialty insurer 1347 Property Insurance Holdings has named Tom Heise as chief executive officer (CEO) of its new reinsurance subsidiary Fundamental Global Reinsurance (FGRe).

1347 Property also announced the first reinsurance contract entered by FGRe, which was formed in June 2020 pursuant to the company’s diversified investment management and reinsurance strategy.

Pontus Re, which was founded by reinsurance professionals Steve Baker and Pete Mattox, is serving as FGRe’s advisor-manager.

The company said that it has begun deploying the capital received following the sale of its Maison insurance operations earlier in the year. Its management believes that favorable supply/demand dynamics exist as pricing is improving substantially in the reinsurance market.

Heise said: “I am excited to have taken the reigns at FGRe and, in particular, look forward to working with Steve Baker and Pete Mattox at Pontus Re as our external advisors/managers. The reinsurance market is in a good spot right now and we think there are ample opportunities for us to deploy capital in pursuit of our return goals.”

1347 Property CEO Larry Swets added: “Following the sale of our Maison operations early in the year, we have been patient in selecting opportunities to put that capital to work where we believe we can earn the best risk-adjusted returns. We think the current reinsurance environment represents such an opportunity and look forward to working with Tom and his team to deliver value for our shareholders.”