Capsicum Re launches aviation reinsurance team

Specialist reinsurance broker Capsicum Re has launched its aviation reinsurance team led by David Bell. Bell is based in London and reports to Matt FitzGerald, managing partner of the London Property and Specialty division.

Bell brings 36 years of aviation industry experience and is a veteran of the aviation reinsurance market. He began his career at CT Bowring in aviation claims and then had various roles in insurance and reinsurance broking before joining Aon in 1999. Initially focussing on satellite business, Bell moved to be the executive broker for a number of large aviation accounts and regions, notably in Japan and the Far East. In 2016 he joined AIG as global head of aerospace where he was responsible for underwriting and business strategy across all aviation business lines including space.

Matt FitzGerald, managing partner of the London property and specialty division, said: “2019 was a challenging year for the aviation market having suffered from years of declining rates and notable loss activity. However, there were also a number of positive developments: our joint venture partner Gallagher acquired JLT’s global aerospace division, there were a number of new entrants into this class as well as exits and there is an upwards pricing momentum in the aviation market. We are entering this market as we see an opportunity to bring our client-focused, holistic entrepreneurial approach to this sector.

“I’m thrilled to welcome David to Capsicum Re. He is one of the leading aviation experts and his extensive knowledge and experience will be incredibly beneficial as we grow this part of our division.”

Bell said: “Capsicum Re’s growth from a start-up to the world’s fifth largest reinsurance broker in just six years has been incredibly impressive. It’s a dynamic, entrepreneurial and ambitious broker and I look forward to working with the team to develop its aviation reinsurance offering.”