Xitus Re appoints new board members
Xitus Re, a legacy run-off specialist domiciled in Bermuda, is aiming to grow its presence on the island with the appointment of new board members: Jae Lake, Thomas McMahon and Corwin (Cory) Zass.
The vision of the board remains to be focused on providing tailored legacy solutions for smaller (re)insurance portfolios. The board aims to continually build trust in the market and prioritise their goal of long-term value creation. The appointment of these three industry leaders supports the company’s commitment to professionalism, integrity and growth.
Lake joins Xitus’ Board with more than 25 years international insurance experience in the United Kingdom, Germany and Australia. Lake has held key roles in business development, portfolio management, underwriting, and risk management. Her most recent roles included time as a Director in a Big 4 consultancy as well as within an Insurtech in the London Market. The company said that Lake’s experience in risk management and insurance regulation will further strengthen and support oversite of the company’s regulatory frameworks and will support Xitus’ vision of achieving sustainable growth while maintaining compliance with evolving insurance regulations.
McMahon has over thirty years of experience. A Chartered Accountant by profession and with a distinguished career in Bermuda’s insurance sector, he has held a number of management positions and is currently in the role of Executive Vice President at Davies Captive Management. He is a past President of the Bermuda Insurance Management Association (now the Bermuda Captive Network) and has served as Chairman of the Bermuda Captive Conference. His experience in captive insurance and regulatory affairs will play a key role in Xitus’ growth, the company said.
Finally Zass, the Canadian founder and principal of Actuarial Risk Management (ARM), has built a 20-year-old global consultancy. ARM supports clients throughout the world with a blend of senior actuaries and a large supporting back office of data and modelling teams (the ARM DMI) in Argentina. He recently opened ARM Bermuda, the local satellite office to support the Bermuda-based life and non-life (re)insurance sector. His innovative approach to risk management, understanding of growing businesses, and extensive background working in M&A and capital strategy make him a vital addition to Xitus.
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