What’s New: In Brief (December 07, 2006)

The Canadian team at Willis Group Holdings has appointed Joe Beesack as the senior vice-president of its alternative risk solutions practice.
Beesack’s focus will be on loss forecasting, deductible optimization, risk modeling, captive assessment and feasibility studies.
His area of specialization includes the development of computerized applications that reflect the complexities of sophisticated risk financing and conceptual risk quantification models.
“Willis Canada is expanding an important product segment for our clients,” said Willis Canada president and CEO Wole Coaxum. “With Joe’s strong quantitative skills, he will help develop the group’s overall strength in captives and enterprise risk finance in Canada.”
Beesack’s previous position was at AON Reed Stenhouse Inc., as senior vice-president and chief analytical officer.

Lloyd’s specialty reinsurer Advent Capital plans to raise US$40 million in capital to fund a new Bermuda reinsurer, A.M. Best reports.
According to A.M. Best, Advent Capital plans to raise 9.6 million pounds (US$18.8 million) by issuing new ordinary shares, and another 10.1 million pounds (US$19.8 million) through an offering of unsecured senior debt, according to A.M. Best.
The estimated US$37.5 million in net proceeds will be used to fund Advent Re, a new Class 3 Bermuda reinsurer.
Advent Capital has formed a new, wholly-owned subsidiary, Advent Re Holdco, as a holding company for Advent Re.
Brian Caudle, Advent Capital’s chairman, said the new Bermuda platform would allow the company to take advantage of favourable conditions in the retrocessional market, where Advent is a specialist.
A.M. Best quotes a company representative as saying: “The Advent directors do not expect the new capital [that] is currently entering the retrocessional market to be sufficient to put immediate and significant downward pressure on retrocessional rates, in particular on business written as of Jan. 1, 2007. In general, retrocessional rates continued to increase during 2006 as a result of the lack of capacity.”