Inver Re snags Gallagher Re/JLT leader to create specialty business
Inver Re, Ardonagh Specialty’s reinsurance broking business, has hired a Gallagher Re leader with an extensive background at JLT, Radian and Genworth for the newly created position of head of specialty.
Steven Rance (pictured) will be based in London and his specialty remit will include credit, marine, cyber, parametrics, motor, and group solutions. He will report into Inver Re London CEO Jonathan Prinn.
Rance joins from Gallagher Re where he was managing partner and head of global mortgage for the last six years. Prior to that, he spent 10 years as head of global mortgage at JLT. In his 35-year career he has also held the roles of European MD for US mortgage insurer, Radian and MD for structured transactions at mortgage insurance specialist Genworth.
Rance said: “This is an exciting time to join Inver Re and I have an opportunity to build on the early success of the organisation and develop a Specialty team which will harnesses the skills of some hugely talented people. I was attracted to the Inver Re business as its relationship to Ardonagh means it can leverage the scale of that business while also focusing on bespoke and specialist work for its reinsurance clients.
“In addition to setting up the Specialty division I am also looking forward to realising the opportunities for Inver Re in the credit space which will help support home ownership, house building and, in turn, the wider growth of our credit business.”
Prinn commented: “It is fantastic that Inver Re has attracted someone of Steven’s calibre to create its Specialty Division and lead the growth of our credit proposition. In the past Steven has headed-up the UK’s first government-backed mortgage insurance programme and led the development of mortgage insurance schemes for housebuilders. The skill he brings to Inver Re will hugely support our growth journey as we cement ourselves as a reinsurance broker that truly offers something different to the market.”
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