PERILS pioneer launches ILS start-up

A company seeking to change how catastrophe risk is being syndicated in both the reinsurance and capital markets has been launched.

Rewire is a new financial technology start-up that will focus on originating, structuring and placing insurance-linked securities (ILS) and catastrophe reinsurance.

Richard Pennay, the man who pioneered the creation of PERILS in Europe in 2009, co-founded the company, and will serve was president.

He is joined by co-founder and chief executive officer Stefano Sola who most recently served as chief investment officer at JGWPT.

They are joined by founding team members Vincent Myers, a seasoned insurance-linked securities professional with five years of cat bond structuring experience, and Sangyeop Lee.

The team will focus on increasing the transparency, efficiency and execution of capital markets based transactions by developing a web-based closed-end marketplace for insurance companies and investors to transact directly.

Sola said: “We are very excited to launch this new venture with a leading team and look forward to continuing and expanding our industry relationships with insurance companies and investors alike.”

Pennay added: “Rewire fully intends to take reinsurance and capital markets convergence to a new frontier.”