Fortitude Re picks new CRO from SiriusPoint in latest C-suite change
Multi-line reinsurer Fortitude Re has hired the chief investment officer (CIO) of SiriusPoint to become its new chief risk officer (CRO), in a move to boost corporate risk management strategy and maintain closer ties with its regulators.
Andrew Sooboodoo (pictured right) will be replaced as chief risk officer by Ming Zhang (pictured left), who joins the Bermuda-based company from SiriusPoint, where he was chief investment officer.
Sooboodoo will transition to a newly created role of chief regulatory officer, where he will ensure that legacy re/insurer Fortitude Re continues to maintain a market leading presence with its global regulatory constituents as the business continues to grow and mature.
Zhang was previously responsible for leading SiriusPoint’s investment team, setting and implementing its investment and hedging strategies, and managing day-to-day investments. Prior to that, he held leadership positions at MetLife and AIG.
Sooboodoo is a director of both BILTIR and ABIR, Bermuda’s Life and P&C Reinsurance Associations respectively. He held various leadership roles in Bermuda before joining Fortitude Re as chief risk officer in November 2021.
Alon Neches, CEO of Fortitude Re, said: “The essence of Fortitude Re is in the quality of our teammates, and we couldn’t ask for higher caliber professionals than Ming and Andrew to lead their respective functions. Ming brings with him a wealth of experience in the insurance and reinsurance industry and extensive expertise in investments and risk management. As our founding Chief Risk Officer, Andrew has already built a strong foundation in that discipline, and he is now carrying that forward to ensure we apply the same constructiveness, rigor, and thoughtfulness to our engagement with the regulatory community.”
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