Collateralized reinsurer Northern Re hires Vincent Pomo from Everest as first CUO

Cayman Islands based collateralized reinsurance company Northern Reinsurance SPC, Ltd. (Northern Re) has hired its first Chief Underwriting Officer (CUO), attracting former Everest Group employee Vincent Pomo to join the growing company.

Northern Re was launched in early 2023 with a strategy to enable third-party capital to participate in the insurance-linked securities (ILS) asset class, through the deployment of capital against a select group of historically profitable insurance portfolios focused on high-frequency, low-severity insurance risks.

The company took its committed capital to $75 million towards the end of last year, which has helped it to grow its footprint and the size of its underwriting portfolio.

So, Vincent Pomo has joined Northern Re as Chief Underwriting Officer, effective today April 29th 2024.

The company said that they believe his experience and tenure at Everest Group will help to propel their next phase of profitable growth.

“I am incredibly impressed with Northern’s dedication to leveraging technology and data to really set themselves apart in the reinsurance industry.

“It is an honor to join a team that is not only pioneering in its approach but also brings a fresh perspective on how a reinsurance operation should be built,” Pomo commented.

Pomo was most recently Everest’s Chief Pricing Actuary of Global Reinsurance, leading the actuarial pricing team for the firm’s reinsurer Everest Re.

He led Everest’s treaty reinsurance and facultative actuarial pricing function, with a focus on using internal and external data to gain deeper transactional and portfolio insights, as well as installing robust and consistent pricing processes across global operations to support the profitable growth of the Everest portfolio.

In total, Pomo spent more than eleven years at Everest, prior to which he worked as a pricing actuary at reinsurance firm Partner Re, as well as in actuarial analyst roles at Arch and Verisk.

Northern Re Co-founder and Managing Partner Anthony McKelvy said, “Bringing Vincent on board is a milestone moment for Northern Re. His deep sector knowledge and proven track record will unlock immense potential in how we approach the business and utilize data to serve our counterparties better. We’re excited about the perspectives he brings and the impact he will have in the years to come.”

With the $75 million of committed capital raised to-date, Northern Re said it is on-track to write more than $225 million in premium across a range of casualty lines of business in 2024.

The company continues to look to strengthen its balance-sheet with additional funding.

“Our capital partners are looking for low-beta, low-volatility returns. They were thrilled with 2023 performance, and everything we have seen in Q1 indicates that 2024 could be even stronger. Vincent is going to help ensure that we can build on this strategy for the long-term,” explained Co-Founder and Managing Partner Peter McKelvy.

Northern Re has also hinted that it will further strengthen its team through this year and into 2025, as it looks to build-out its capabilities to service increasing capital interest.