TigerRisk hires ILS adviser to UK Chancellor
Reinsurance broker TigerRisk Partners has appointed Michael Wade, the Crown Representative for Insurance at the UK Cabinet Office and advisor to the Chancellor of the Exchequer on issues relating to Insurance Linked Securities (ILS), as non-executive chair of TigerRisk Capital Markets and Advisory UK.
A new ILS regulatory framework has been laid before the UK Parliament and is expected to be approved later this month. The company said that Wade will advise TigerRisk in building its ILS practice in London.
“Michael Wade is a highly accomplished and entrepreneurially minded insurance executive and public servant. He recently helped position the London insurance market to become a leading insurance linked securities (ILS) center of excellence,” said Tony Ursano, CEO of TigerRisk Capital Markets & Advisory. “We are excited to partner with him and continue to focus on that agenda.”
Wade added: “Joining TigerRisk Capital Markets & Advisory UK Ltd. as Non-executive Chair will give me an opportunity to work within the new ILS regulatory framework. London has the insurers, the distribution, the credibility, the infrastructure and expertise to make it one of the world’s leading ILS domiciles.”
Wade began his insurance industry career as an underwriter at C E Heath in 1975. He then joined Hartley Cooper as a reinsurance broker before forming his own firm, Holman Wade, in 1980. Holman Wade merged with H. Clarkson & Co to form Horace Clarkson where Wade was director till 1993.
Following the Lloyd’s crisis, Wade, in partnership with Sedgwick Group, formed Corporate Lloyds. Together they launched CLM Insurance Fund. In 2000 Wade formed Rostrum Group, a specialist investment manager. In 2006 he became a partner at Optex Group focusing on the development of the Industry Loss Warranty market. Optex merged with Besso Insurance Group in 2011.
Wade was a member of the Council of Lloyd’s from 1988 to 1992. During this time he served on the Rowland Lloyd’s Taskforce developing solutions for the then troubled Lloyd’s insurance market. He founded Lloyd’s Community programme in 1989. Wade is currently senior non-executive director of Neon Underwriting at Lloyd’s and a senior advisor to Swiss Re.
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